TuanChe, a Chinese automotive marketplace, announced terms for its initial public offering (IPO).

TuanChe plans to raise $34 million by offering 4 million American depositary shares at a price range of $7.50 to $9.50. U.S.-based investment firm Maxim Group LLC and AMTD Asset Management are the joint book-runners on the deal.

Insiders intend to purchase up to $15 million of the IPO, 44 percent of the deal. At the midpoint of the proposed range, TuanChe would command a fully diluted market value of $591 million and an enterprise value of $548 million.

TuanChe booked $66 million in revenue for the 12 months ended June 30, 2018. The company is expected to price during the week of November 19, 2018.