Quhuo to Raise $27M in IPO

Workforce operations platform Quhuo Limited (QH) announced it had filed a registration statement with the US Securities and Exchange Commission (SEC) to raise $27 million in an IPO of ADSs representing underlying Class A shares, at a range of $9 to $11 per share.

Quhuo intends to list its common stock on Nasdaq under the ticker symbol “QH.”

Quhuo said an existing shareholder SBCVC Fund IV, L.P. had expressed an interest in purchasing up to $2 million of the ADSs in this IPO.

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Underwriters including Roth Capital Partners LLC, Value Capital Ltd and Tiger Brokers (NZ) Ltd may also purchase up to 405,000 additional ADSs.

Started in 2012, the Beijing-based company has provided workforce for on-demand companies in China like food delivery platforms Meituan and Eleme, aiming to fill the gaps in China’s labor market. It claims to be the largest company of this kind in China. All three co-founders are former DHL employees.

Quhuo has expanded nationwide in 73 cities. As of the first quarter of 2020, the company’s revenue reached 390 million yuan ($56 million), up 12.6% year on year.