Quhuo, which provides workforce operations solutions for consumer service platforms in China, announced terms for its IPO on Tuesday.
The Beijing, China-based company plans to raise $27 million by offering 2.7 million ADSs at a price range of $9 to $11. Insider SB China Capital intends to purchase $2 million worth of ADSs in the offering. At the midpoint of the proposed range, Quhuo would command a market value of $450 million.
Quhuo was China's largest workforce operational solution platform by average monthly active workers in 2019. The company provides tech-enabled, end-to-end operational solutions to consumer service businesses. Quhuo has a presence in 73 cities across 26 provinces, and its customers include large enterprises in the food delivery industry like Meituan, Alibaba's Ele.me, and KFC; bike-sharing provider Mobike; ride-hailing provider Didi; and home rental platform Anxin Home.
Quhuo was founded in 2012 and booked $290 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol QH. Roth Capital, Valuable Capital, and Tiger Brokers are the joint bookrunners on the deal.
