According to The Latest IPO, on January 8, Eastern Time, the long-term rental service provider Danke Apartment updated its F-1 prospectus filed to the US Securities and Exchange Commission (SEC). It is expected to be listed on New York Stock Exchange with the ticker symbol “DNK”.
This means that Danke will become the second domestic long-term rental apartment service provider listed in the United States after Qingke Apartment. On November 5, 2019, the Shanghai-based Qingke Apartment was listed on the NASDAQ, with an issue price of $17 per ADS and a funding scale of $45.9 million.
Danke Apartment will issue a total of 10.6 million American Depositary Shares (ADS). Each ADS is equivalent to 10 Class A ordinary shares, with an expected price range from $14.5 to $16.5 per ADS. According to such calculations, its fundraising scale would reach up to $175 million. Citigroup, Credit Suisse, and JP Morgan Chase acted as joint lead underwriters. Tiger Global Management was added as a sub-underwriter.
Danke Apartment is a leading internet-enabled apartment management startup in China. Founded in January 2015, Danke Apartment has raised a total of $874.7 million in over six funding rounds. Danke is managing over 320,000 apartment units in major cities including Beijing, Shanghai, Shenzhen and Hangzhou. According to iResearch, the company is now the fastest growing long-term rental apartment service provider in China.