China's DSC Holdings seeks up to $62 million in Nasdaq share sale
By Yantoultra Ngui
SINGAPORE, June 18 (Reuters) - DSC Holdings, a Chinese company that provides operating systems and transaction services for used car dealers, is seeking to raise up to $62 million in a share sale on the Nasdaq, according to a deal sheet.
DSC received rare approval from China's securities regulator for a Nasdaq listing, Reuters reported in April, saying it was the regulator's first nod to a U.S. listing application in four months and only its third in the preceding 12 months.
DSC, also known as DaSouChe, has raised about $1.2 billion from investors including Ant Group, Warburg Pincus, Primavera and 5Y Capital, according to its official website. DSC did not immediately respond to an emailed request for comment.
Here are more details from the sheet:
The company is offering 3 million shares at $16 to $18 each, which would raise up to $54 million before the overallotment option. The deal could rise to $62 million if underwriters buy another 450,000 shares.
DSC plans to use the proceeds to expand services for auto merchants, invest in technology and fund working capital.
Pricing is expected on June 24.
CICC, Deutsche Bank, China Renaissance and ICBCI are joint bookrunners.
