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Report: China's seeks $2B US IPO valuation for 58 Home

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Report: China's seeks $2B US IPO valuation for 58 Home

A subsidiary of China-based online services platform Inc. subsidiary is seeking a U.S. initial public offering at a $1.5 billion to $2 billion valuation, after closing a private fundraising round, Bloomberg News reported, citing people familiar with the matter.

58 Home is close to the completion of its pre-IPO financing round at a valuation of over $1 billion, the publication said, citing the unnamed sources, who added that negotiations are in early-stage and details of the potential offering could still change.

The parent company's shares rose 2% in New York markets. It holds 68.8% of the company's equity interest but does not include the subsidiary's financials in its own results, Bloomberg said, citing the company's annual filing.

Tencent Holdings Ltd.-backed 58 Home connects people online with services. The unit raised $300 million in commitments in its last private funding round in 2015, from investors including Alibaba, KKR and Ping An Group.

A representative for declined to comment, while a representative for 58 Home had no comment for Bloomberg.