KE Holdings Inc’s stocks skyrocketed on its first day of trading on August 13, 2020, a bullish start for the company on Wall Street. Its share price rose 87.20% to $37.44, giving the company a market cap value of $42.2 billion.
China's largest online property platform backed by Tencent, KE Holdings Inc, raised $2.1 billion by offering 106 million ADSs at $20, above the proposed range of $17 to $19.
The Beijing, China-based company was founded in 2001 and booked $6.4 billion in revenue for the 12 months ended March 31, 2020. The company seeks to offer property listings covering more than 300 cities across China as well as some overseas markets, according to its Ke.com website. The company also offers financial services to buyers and tenants. As of June 30, 2020, its platform had over 260 real estate brokerage brands, over 42,000 stores, and over 456,000 agents across 103 cities in China.
It plans to list on the NYSE under the symbol “BEKE.” Goldman Sachs, Morgan Stanley, China Renaissance Securities, and J.P. Morgan are underwriters of the IPO.
The company engages Skadden, Arps, Slate, Meagher & Flom LLP as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP as Independent Auditor.
The last Chinese issuer to raise over $1 billion was Tencent Music Entertainment Group (NYSE: TME) in December 2018. Hopefully, the company could ride the wave of recent successful Chinese listings including Kingsoft Cloud (Nasdaq: KC) and Dada Nexus (Nasdaq: DADA) despite the ongoing Sino-American market tensions.
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