June 17 (Reuters) – China’s DSC Holdings, which provides operating systems for used car dealers in China, is targeting a valuation of up to $901 million in its U.S. initial public offering, the auto dealer software provider said on Wednesday.
The Jinhua, Zhejiang-based company, better known as Dasouche, is seeking up to $54 million by offering 3 million American depositary shares priced between $16 and $18 apiece.
Chinese IPOs in New York have been slow to come over the past year after U.S. President Donald Trump’s tariff turmoil drove up geopolitical tensions between Washington and Beijing.
Beijing has also tightened scrutiny around firms pursuing offshore IPOs in recent years, including U.S. listings.
The China Securities Regulatory Commission signed off on DSC’s planned New York IPO in April, marking the first nod to a U.S. listing application in four months.
Founded in 2012 by Junhong Yao, DSC provides digitalization tools and transaction services to used car dealers in China – the world’s largest automotive market.
DSC, citing data from CIC, said it holds over 90% market share in operating systems for China’s used car dealers. Its flagship digitalization tool, DaFengChe, largely free for used car dealers, spans inventory sourcing and management, marketing, sales, and business analysis.
The firm’s backers include venture capital firm 5Y Capital, investment firm Primavera Capital and Jack Ma-backed Ant Group.
API (Hong Kong) Investment, which is wholly owned by Ant Group, is set to buy up to $30 million of DSC shares from the offering.
Deutsche Bank, CICC, CR Global Markets, and ICBC International are the underwriters for the offering. The company will list on the Nasdaq under the symbol “DSC.”
(Reporting by Arasu Kannagi Basil and Pritam Biswas in Bengaluru; Editing by Anil D’Silva)
