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China-based Building DreamStar Tech sets proposed price at $5.50 ahead of $25 million US IPO

September 20, 2022

Building DreamStar Technology, which provides flexible co-working spaces in China, set the proposed price for its upcoming IPO on Tuesday.

The Shenzhen, China-based company now plans to raise $25 million by offering 4.6 million shares at a price of $5.50. The company had previously filed to offer the same number of shares at a range of $5 to $6. At the proposed price, Building DreamStar Technology will raise the same amount of proceeds and 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 at the end of 2021. Its co-working spaces are concentrated in urban areas, and as of December 31, 2021, it had a total of 46 spaces. Its customer count decreased from 2,384 in 2020 to 2,216 in 2021. In the year ended December 31, 2021, the company booked a -$0.5 million gross loss on $39 million in revenue.

Building DreamStar Technology was founded in 2016 and plans to list on the Nasdaq under the symbol BDS. Univest Securities is the sole bookrunner on the deal.