Phoenix Tree Holdings, which renovates and sub-leases apartments in Chinese cities, raised $130 million by offering 9.6 million ADSs (down from 10.6 million) at $13.50, below the range of $14.50 to $16.50. It originally filed to raise $164 million. Insiders had indicated on $75 million of the IPO, and a strategic investor indicated on $25 million. Operating under the name Danke, the company plans to list on the NYSE under the symbol DNK. Citi, Credit Suisse and J.P. Morgan acted as lead managers on the deal.
