58 Home Inc. (NYSE: WUBA) is reportedly pursuing an IPO in the United States for its online service arm for which it is seeking up to a $2 billion valuation from a private fundraising round.
Once the Beijing-based company completes its pre-IPO financing round of at least $1billion for the online services subsidiary, 58 Daojia, it will seek to list it in New York, as reported by Bloomberg.
58 Daojia provides information on household services including cleaning, moving, babysitting and beauty care, and operates in approximately 30 cities in China.
The company’s last private financing efforts successfully raised $300 million in a Series A equity funding round for the IPO-slated subsidiary with help from Alibaba Holding Group Ltd. (NYSE: BABA) and financial service provider Ping An Group.
By midday on Friday, shares in 58 Home rose 32 cents to $67.91 apiece