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Chinese enterprise solution provider Duiba Group has filed for an initial public offering in Hong Kong.
This follows a US$110 million series C round led by private equity firms Orchid Asia Group and TPG in the company last month. Orchid Asia and TPG owns 13.3% and 5.7% stakes of the company before IPO, respectively.
Founded in 2014 in Hangzhou, Duiba provides solutions for companies to obtain and manage users on their apps. The company operates a SaaS platform Duiba and an interactive advertising platform Tui’a.
Duiba serves customers in various industries including restaurants, retail, real estate, automobile. Some of its customers include China Merchants Bank, FAW Group, Visa Inc, iQiyi, and Ele.me.
Its revenue increased significantly from RMB3.6 million (US$531,000) in 2015 to RMB645 million (US$94 million) in 2017, and RMB474 million (US$69 million) in the first six months of 2018.
However, the company has been reporting losses since its financial information were reported in 2015, with an exception of 2017 when it reported a profit of RMB98 million (US$14 million). In the first six months of this year, Duiba reported a loss of RMB256 million (US$37.5 million).
In November 2015, the company raised a RMB30 million series A round led by Yunyi Investment. In 2016, it raised an undisclosed amount of series B round from unnamed investors.
The proceeds of this IPO will be used to enhance and improve its user management SaaS solutions, upgrade its interactive advertising platform, undertake new business development activities, and enhance its research and technical capabilities, the company says in its filing.
Source: China Money Network
