Online property marketplace Fangdd Network Group Ltd. has filed for an U.S. initial public offering, as it seeks to raise capital to fuel its expansion in China’s fiercely competitive residential real estate market.
The company plans to list on the Nasdaq to raise as much as $150 million, according to its prospectus filed with the U.S. Securities and Exchange Commission on Wednesday. Morgan Stanley, Citigroup, UBS Securities, China International Capital Corporation (CICC) and AMTD are the underwriters of the plan.
Fangdd, which is powered by software as a service (SaaS) technology provides data analysis services to property businesses and connects such agents to customers more efficiently. Founded in 2011, the company said it had over 911,000 real estate agents on its platform by the end of 2018.
The company reports $14.6 million of net income on $234 million in revenue for the first half of 2019. Net profit increased 166.6% from the same period last year.
Contact reporter Tang Ziyi (email@example.com)