Q&K International Group, which renovates and sub-leases apartments in Chinese cities, raised $46 million (65% from insiders) by offering 2.7 million ADSs at $17, the low end of the range of $17 to $19, to command a market value of $807 million. The company had originally planned to offer 5.2 million ADSs before downwardly revising its terms last week. Q&K International Group plans to list on the Nasdaq under the symbol QK. Morgan Stanley and CICC acted as lead managers on the deal.
