News Snapshot:
Chinese home services platform Daojia, formerly known as 58 Daojia, has filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE). Daojia did not disclose the size or timeline of the issue but Bloomberg had reported earlier this year that Daojia was seeking a valuation of about $3 billion. Daojia intends to use the proceeds towards technology and home services infrastructure upgrade, brand and service recognition, strategic investments and acquisitions. Global investment banks J.P.Morgan and UBS Investment Bank, as well as Chinese state-backed CICC serve as the joint underwriters for the deal. The shares are placed...
