IPOs

Chinese gig worker platform Quhuo prices upsized $33 million US IPO at $10 midpoint

On Friday the markets had one of the worst declines of the year so far, yesterday was mostly sideways and this morning the markets opened with green across the board. 

Quhuo, which provides a gig worker staffing platform for consumer services apps in China, raised $33 million by offering 3.3 million ADSs at $10, within the range of $9 to $11. 

The company sold 0.6 million more ADSs than originally anticipated (+22%). SB China Capital indicated on $2 million of the IPO (6%). At IPO, Quhuo commands a market value of $456 million and an enterprise value of $432 million (1.5x LTM sales).

Chinese on-demand delivery services app Dada Nexus (DADA) has outperformed since its recent IPO, up 103% from the offer price IPO.

Quhuo plans to list on the Nasdaq under the symbol QH. Roth Capital and Valuable Capital acted as lead managers on the deal.

The article Chinese gig worker platform Quhuo prices upsized $33 million US IPO at $10 midpoint originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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