Daojia, which operates a platform for nanny and home services in China, withdrew its plans for an initial public offering on Friday. It originally filed in July 2021 with a proposed deal size of $100 million.
Daojia operates Swan Daojia, a home services platform that spans a wide array of categories, including maternity nurse, nanny, housekeeping services, training services, and SaaS-based solutions. It stated that it was the largest home services platform in China by gross transaction volume in 2020.
The Beijing, China-based company was founded in 2014 and booked $105 million in revenue for the 12 months ended March 31, 2021. It had planned to list on the NYSE under the symbol JIA. J.P. Morgan, UBS Investment Bank, and CICC were set to be the joint bookrunners on the deal.
