Report
Sumeet Singh
EUR 92.80 For Business Accounts Only

Daojia Pre-IPO

Daojia Limited (DL), one of the largest one-stop home services platforms in China, aims to raise at least US$300m in its US IPO. The company is backed by 58.com and Baba.

DL operates Swan Daojia, a platform where it offers multiple services across categories such as maternity nurse, nanny, housekeeping services, along with training services and SaaS-based solutions.

As of Mar 21, it had over 16m registered consumers across 99 cities in China and more than 1.5m registered and verified service providers on its platform. As of Mar 21, over 4.2m cumulative transacting consumers had used its platform. Over 2018-1Q21, 458,727 services providers had completed at least one home services transaction through its platform.

DL has managed to grow its revenue even as its GTV declined in FY20. It also managed to register margin improvements in each of the past few years.

However, some of the growth and margin improvements have come from accounting changes the impact of which haven’t been clearly explained.
Underlyings
58.com Inc. Sponsored ADR Class A

Alibaba Group Holding Ltd. Sponsored ADR

Provider
Aequitas Research
Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Analysts
Sumeet Singh

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