Quhuo, which provides a gig worker staffing platform for consumer services apps in China, raised $33 million by offering 3.3 million ADSs at $10, within the range of $9 to $11.
The company sold 0.6 million more ADSs than originally anticipated (+22%). SB China Capital indicated on $2 million of the IPO (6%). At IPO, Quhuo commands a market value of $456 million and an enterprise value of $432 million (1.5x LTM sales).
Chinese on-demand delivery services app Dada Nexus (DADA) has outperformed since its recent IPO, up 103% from the offer price IPO.
Quhuo plans to list on the Nasdaq under the symbol QH. Roth Capital and Valuable Capital acted as lead managers on the deal.
