BUSINESS Beike raises over $2b as it debuts on NYSE

BUSINESS

Beike raises over $2b as it debuts on NYSE

China Daily

15:38, August 14, 2020

KE Holdings Inc, or Beike, China's largest housing transaction and service platform by market share, launched its initial public offering on the New York Stock Exchange and began trading on Thursday under the symbol "BEKE". [Photo/Sipa]

KE Holdings Inc, or Beike, China's largest housing transaction and service platform by market share, launched its initial public offering on the New York Stock Exchange and began trading on Thursday under the symbol "BEKE".

The company's American Depositary Shares ("ADSs") were priced at $20.00 per ADS. The shares opened trading at $35.06, about 75 percent higher than the offering price. The closing share price on the first day of trading was $37.44, reflecting a market capitalization for the company of over $42.2 billion.

Beike's initial public offering offered 106,000,000 ADSs, each representing three Class A ordinary shares of the company, at a price to the public of $20 per ADS for a total offering size of $2.12 billion, assuming the underwriters do not exercise their option to purchase additional ADSs.

With a corporate vision to provide comprehensive and trusted housing services to 300 million families, Zuo Hui, Beike's chairman, said the company has been keen to build the industry infrastructure and standards in China to reinvent how service providers and housing customers efficiently navigate and consummate housing transactions,

As of June 30, 2020, Beike's platform had 265 real estate brokerage brands, over 42,000 community-centric stores and over 456,000 agents across 103 economically vibrant cities across China.

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