Leju Holdings (LEJU) IPO Opens Higher, Fades Lower

The IPO for Leju Holdings Limited (NYSE: LEJU) opened for trading at $10.80 after pricing of 10,000,000 American depositary shares ("ADSs"), each representing one ordinary share of the Company, at $10.00 per ADS, the low end of the expected $10-$12 range. Shares have since faded to $9.75, down 2.5%.

All of the 10,000,000 ADSs in the offering are offered by Leju. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 1,500,000 ADSs from Leju.

The Company expects to receive gross proceeds of $100.0 million from the offering at closing, assuming the underwriters do not exercise their option to purchase additional ADSs, and additional gross proceeds of approximately $20.3 million from the issuance of 2,029,420 ordinary shares to Tencent at $10.00 per share in a private placement concurrent with the closing of the offering.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, China Renaissance Securities (Hong Kong) Limited, Macquarie Capital (USA) Inc. and China Merchants Securities (HK) Co., Limited acted as joint book runners for the offering.

Leju Holdings Limited ("Leju") (NYSE: LEJU) is a leading online-to-offline, or O2O, real estate services provider in China, offering real estate e-commerce, online advertising and online listing services. Leju's integrated online platform comprises various mobile applications along with local websites covering more than 250 cities, enhanced by complementary offline services to facilitate residential property transactions. In addition to the Company's own websites, Leju operates the real estate and home furnishing websites of leading internet companies such as SINA Corporation and Baidu Inc., and maintains a strategic partnership with Tencent Holdings Limited.

Leju Holdings is a spin-off of E-House (China) Holdings Limited (NYSE: EJ).

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