IPO Roundup: Phoenix Tree Holdings leads among 4 Chinese companies going public this week

Also looking to list are Velocity Financial, I-Mab, Lizhi and AnPac Bio-Medical

Golden bull emerging from the word 'IPO'
Phoenix Tree Holdings renovates and subleases apartments in cities across China

Five companies are set to kick off the 2020 IPO calendar this week, four of which are based in China.

Phoenix Tree Holdings Ltd (NYSE:DNK), a Beijing company that renovates and subleases apartments, is shooting for a $164 million IPO, offering 10.6 million shares at a price between $14.50 and $16.50.

Since its founding in 2015, the company has grown the number of apartment units it operates from 2,434 in December of that year to 406,746 at the end of September 2019. 

Danke Apartment, it’s main division, leases apartments from property owners, renovates and furnishes them, then rents them to individual residents. In November 2018, the company launched Dream Apartment to target the blue-collar apartment segment.

Velocity Financial Inc (NYSE:VEL), a mortgage lender based in Westlake Village, California, is looking to go public with a $109 million IPO. 

The residential rental and small commercial property lender is expected to offer 7.3 million shares at a price between $14 and $16 per share.

Founded in 2004, Velocity originates and manages investor loans across a nationwide network of independent mortgage brokers.

I-Mab Biopharma Co Ltd (NASDAQ:IMAB), a late-stage cancer biotechnology company based in Shanghai, plans to offer 7.4 million shares at a price between $12 and $15 per share en route to a $100 million IPO.

Founded in 2014, the company has developed a drug pipeline of more than 10 clinical and preclinical assets focused on treating diseases with significant unmet medical needs, namely cancers and autoimmune disorders. 

Lizhi Inc (NASDAQ:LIZI), an interactive podcast platform for user-generated content in China, has its sights set on a $49 million IPO.

The company expects to offer 4.1 million shares at a price between $11 and $13 per share.

Lizhi, based in Guangzhou, claims to be the second-largest audio entertainment platform in the country by monthly average users for the nine months ended September 30. 

All in all, more than 160.6 million podcasts have been uploaded to the Lizhi platform and that content has been played roughly 6.1 billion times.

AnPac Bio-Medical Science Co Ltd, a provider of cancer-screening tests based in Lishui, China, plans to offer 1.7 million shares at a price between $12 and $14 per share in order to achieve an IPO of $22 million.

The 10-year old company sells a multi-cancer screening and detection test that utilizes a patented cancer differentiation analysis and a proprietary cancer-detection device.

AnPac claims its test can detect and assess an individual’s overall cancer risk with high accuracy, including early-stage cancer.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

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