The maid and home-maintenance service provider Swan Daojia, formerly known as 58 Home, revived its U.S. IPO at $3 billion value, according to people familiar with the matter, writes Bloomberg. The company plans to go public this year.
The company delayed its planned share sale at the beginning of 2020 because the coronavirus outbreak crippled customer demand. The startup could now seek a valuation from the IPO of about $3 billion.
Swan Daojia is an 8-year-old company providing services in China ranging from flower delivery and house repair to home cleaning and babysitting. It operates in more than 400 cities with more than 6,000 employees.
Alibaba Group Holding Ltd., Ping An Ventures, and KKR & Co. jointly invested $300 million in the startup in October 2015. In June, 58.com agreed to buy out a deal at about an $8.7 billion value, to a consortium including private equity firms as well as founder Jinbo Yao. Swan Daojia run a funding round in 2020, in which Sequoia Capital China participated, making 58.com no longer Swan’s largest shareholder, one of the people, asking not to be identified as the information is private, said.
Deliberations are still ongoing and details of the potential IPO, such as valuation and the time, could change.