Home Cleaner Swan Revives U.S. IPO at $3 Billion Value

(Bloomberg) -- Swan Daojia, the maid and home-maintenance service provider formerly known as 58 Home, has revived its planned U.S. initial public offering as soon as this year, according to people familiar with the matter.

The startup backed by China’s Craigslist-equivalent 58.com Inc. could seek a valuation from the listing of about $3 billion, the people said, asking not to be identified as the information is private. Following a round of investment last year in which Sequoia Capital China participated, 58.com is no longer Swan’s largest shareholder, one of the people said.

The company delayed its planned first-time share sale early last year as the coronavirus outbreak crippled customer demand, Bloomberg News had reported.

Deliberations are still ongoing and details of the potential offering such as valuation and timeline could change, the people said. Representatives for 58.com, Sequoia Capital China and Swan Daojia declined to comment.

Founded in 2014, Swan Daojia is a platform providing services in China ranging from flower delivery and house repair to home cleaning and babysitting, according to the company’s website. It operates in over 400 cities and has 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 a buyout deal at about an $8.7 billion value, to a consortium including private equity firms as well as founder Jinbo Yao.

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