Building DreamStar Technology, which provides flexible co-working spaces in China, filed on Thursday with the SEC to raise up to $25 million in an initial public offering.
The Shenzhen, China-based company plans to raise $25 million by offering 4.6 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Building DreamStar Technology would command a market value of $223 million.
Building DreamStar Technology is an integrated co-working space operator in China. Among all co-working space operators in China, the company ranked second in the number of cities covered and fifth in the number of co-working spaces under operation as of June 30, 2020.
Ucommune International (UK), another Chinese co-working provider, went public via SPAC merger in November 2020 after originally planning a traditional IPO. Ucommune last closed 66% below the $10 offer price and 61% below the price at de-SPAC.
Building DreamStar Technology was founded in 2016 and booked $27 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol BDS. The company filed confidentially on November 24, 2020. Univest Securities is the sole bookrunner on the deal.
