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Fangdd Network sets indicative price for IPO

Fangdd Network Group Ltd. has set the indicative price for its planned IPO of American depository shares at US$13 to US$15.

The company is offering 7 million ADSs under the IPO, with underwriters having an over-allotment option to purchase an additional 1,050,000 ADSs.

Assuming an IPO price of US$14 per ADS, the mid-point of the estimated range, the company would raise net proceeds of US$86.5 million via the offering, or about US$100.2 million if the underwriters exercise their over-allotment option in full.

The ADSs will be listed on the Nasdaq global market.

The company said it plans to use the net proceeds from the IPO to enhance its research and product development capabilities, invest in technology, as well as to invest in sales, marketing and branding. The proceeds will also be used for working capital and general corporate purposes.

Morgan Stanley, Citigroup Global Markets, UBS Securities, China International Capital Corp. Hong Kong Securities and AMTD Global Markets are acting as underwriters for the issuance.