China's DaSouChe targets $901 million valuation in U.S. IPO
Chinese auto dealership platform DaSouChe said on Wednesday that it is targeting a valuation of $901 million for its U.S. initial public offering (IPO).The company plans to offer 3 million American Depositary Shares (ADS) at a price range of $16 to $18 per share, raising up to $54 million.
Founded in 2012 by Yao Junhong, DaSouChe provides operating systems for used car dealerships in China, as well as software and transaction services to dealers and other automotive merchants. According to CIC data, DaSouChe holds over 90% market share in China's used car dealership platform market.
The company's investors include 5Y Capital, Primavera Capital, and Ant Group, which is backed by Jack Ma. API (Hong Kong) Investment, a wholly-owned subsidiary of Ant Group, plans to subscribe to up to $30 million worth of DaSouChe shares in this IPO.