Phoenix Tree Holdings Ltd. said its IPO on the New York Stock Exchange will comprise 10,600,000 American depositary shares with an indicative per-share price between US$14.50 and US$16.50.
The Chinese co-living platform noted that each depositary share represents 10 Class A ordinary shares with a per-share par value of US$0.00002. It could raise between US$153.7 million and US$174.9 million prior to the exercise of the overallotment option for up to 1,590,000 shares within 30 days.
Assuming the initial offering is priced at US$15.50 per American depositary share, the Beijing-based company could net US$152.4 million, or US$175.8 million if the underwriters fully exercise the overallotment option. Phoenix Tree noted in a filing that it intends to use the anticipated amount to finance its expansion, improve its technological capabilities and for general corporate expenditures.
Upon the IPO's completion, Phoenix Tree will trade on the New York bourse. Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the underwriters for the offering, for which Tiger Brokers (NZ) Ltd.'s US Tiger Securities Inc. will serve as broker/dealer.