Chinese real estate e-commerce platform Fangduoduo has filed its IPO prospectus with the SEC in anticipation of a public offering on the NASDAQ under the ticker “DUO” on October 9.
The firm aims to raise $150 million primarily to enhance research and development capabilities, invest in technology, sales, marketing and branding, working capital and other general corporate uses including potential investments and acquisitions to supplement business, assets and technology.
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Fangduoduo, established in 2011, has a business model using mobile internet technology to establish an open, data-driven real estate transaction service platform, connecting and serving real estate brokers, buyers and sellers, and other industry service providers.
Residential services on the platform include sales, rentals and value-added services. The company’s total revenue in the first half of 2019 was 1.604 billion yuan ($233.7 million), compared with 1.033 billion yuan ($144.7 million) in the same period of last year, representing a 55% increase.
Founder Duan Yi has been aiming to advance the company’s “data+platform” model to ensure the relevance and efficiency of real estate information provided on the platform. In 2016, the company won the Red Herring Global Top 100 Award for its innovative approach to disrupting the traditional real estate industry with mobile internet.