Phoenix Tree Holdings Ltd. raised US$129.6 million from its IPO of 9.6 million American depositary shares on the NYSE, KrAsia reported.
Shares of the company, which is also known as Danke Apartment in China, closed at US$13.5 on Jan. 17, flat with its IPO price. The Jan. 19 report came after the Beijing-based co-living platform announced on Jan. 17 the pricing of its IPO.
Phoenix Tree originally sought to raise US$201 million from an offering of 10.6 million ADSs at US$14.5 to US$16.5 apiece.
Assuming the IPO's underwriters exercise an option to buy up to 1,440,000 additional ADSs in full, the total gross proceeds of the IPO would amount to approximately US$149.0 million. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, and J.P. Morgan Securities LLC acted as joint book runners of the IPO, the company said.
Phoenix Tree previously said it will use the IPO's proceeds to fund its expansion, improve its technological capabilities and for general corporate expenditures.
As of September 2019, Phoenix Tree operated 406,746 apartment units in 13 cities across China.