Fangdd Network Group Plans $98 Million IPO for November 1st (DUO)

Fangdd Network Group (DUO) is planning to raise $98 million in an IPO on Friday, November 1st, IPO Scoop reports. The company will be issuing 7,000,000 shares at a price of $13.00-$15.00 per share.

In the last 12 months, Fangdd Network Group generated $400.1 million in revenue and $12.1 million in net income. The company has a market-cap of $680.9 million.

Morgan Stanley, Citigroup, UBS, CICC and AMTD acted as the underwriters for the IPO.

Fangdd Network Group provided the following description of their company for its IPO: “Our mission is to make it easy for real estate agents to do business and empower them to achieve their dreams. We are aligned with the agents on our platform and our products and services are designed to help them grow and succeed. Through innovative use of mobile internet, cloud and big data, we are a pioneer of the PropTech industry in China. We have fundamentally revolutionized the way real estate agents conduct business through our SaaS-based solutions that help to connect them with essential business resources, including customers, property listings, capital and transaction data. Our software empowers agents to easily conduct business online, improve productivity and broaden the scope of their services. “.

Fangdd Network Group was founded in 2011 and has 1655 employees. The company is located at 18/F, Unit B2, Kexing Science Park, 15 Keyuan Road, Technology Park, Nanshan District, Shenzhen, 518057, People’s Republic of China and can be reached via phone at +86-755-2699-8968 or on the web at http://www.fangdd.com.

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