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Danke only began operations in 2015 but it has scaled very fast. Over FY17-9M19, the number of apartments being run by the company have increased by 7.8x while its revenue too increased by 7.6x.
In my previous note, Phoenix Tree (Danke) Pre-IPO - Another WeWork - Nothing Is Improving Apart from Revenue, I covered the company’s background and past performance.
In this note, I’ll run the deal through our ECM framework and comment on valuations.
Phoenix Tree (Danke) IPO - Far from being ready for listing
Phoenix Tree (Danke) is looking to raise up to US$175m in its US IPO. Danke is a co-living accommodation provider. According to iResearch, Danke is now one of the largest co-living platforms in China. As of Sep 2019, the company had operations in 13 cities in China with 406,746 apartment units.Danke only began operations in 2015 but it has scaled very fast. Over FY17-9M19, the number of apartments being run by the company have increased by 7.8x while its revenue too increased by 7.6x.
In my previous note, Phoenix Tree (Danke) Pre-IPO - Another WeWork - Nothing Is Improving Apart from Revenue, I covered the company’s background and past performance.
In this note, I’ll run the deal through our ECM framework and comment on valuations.
Provider
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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