KE Holdings, a China-based real estate services provider backed by Tencent, said on Friday it will aim to raise up to US$2 billion in its US initial public offering .[BENGALURU] KE Holdings, a China-based real estate services provider backed by Tencent, said on Friday it will aim to raise up to US$2 billion in its US initial public offering .
The company, which owns real estate brokerage brand Lianjia and housing transactions platform Beike, said it would offer 106 million American depositary shares , priced between US$17 and US$19 a piece, and will list on the NYSE under the symbol"BEKE". Each ADS represents three class A ordinary shares.
KE Holdings said the Covid-19 pandemic had hurt its business, as agents were forced to stay at home and stores across China were closed, but business recovered during the second quarter, leading to a 39 per cent rise in revenue for the first half of the year. "People are increasingly demanding higher standards of living condition, and the demand is further strengthened by the Covid-19 pandemic," its founder Zuo Hui said in a filing.
The IPO comes at a time when Nasdaq has tightened its listings rules with an eye on curbing IPOs of Chinese companies that are closely held by insiders and are not transparent about their accounting.
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