KE Holdings, China's largest housing platform operating under the Lianjia and Beike brands, announced terms for its IPO on Friday.
The Beijing, China-based company plans to raise $1.9 billion by offering 106 million ADSs at a price range of $17 to $19. Insiders intend to purchase $800 million worth of ADSs in the offering. At the midpoint of the proposed range, KE Holdings would command a fully diluted market value of $20.7 billion.
The company's Beike platform is China's largest housing transactions and services platform and its second largest commerce platform across all industries by gross transaction value and housing transaction facilitated in 2019. As of June 30, 2020, its platform had over 260 real estate brokerage brands, over 42,000 community-centric stores, and over 456,000 agents across 103 cities in China.
KE Holdings was founded in 2001 and booked $7.7 billion in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol BEKE. Goldman Sachs, Morgan Stanley, China Renaissance, J.P. Morgan and CICC are the joint bookrunners on the deal. It is expected to price during the week of August 10, 2020.
