Duiba Group, a Chinese user management software as a service (SaaS) provider, has landed 766.2 million Hong Kong dollar ($98 million) in a stock market listing in Hong Kong.
The startup noted that the size of the offering was 16.7 million shares above its original plan of selling 111 million shares and the stock was sold at $0.76 apiece.
Duiba intends to use the new funds to enhance and improve its user management SaaS solutions and upgrade its interactive advertising platform.
Additionally, the startup will also use the new capital to undertake new business development activities and enhance its research and technical capabilities.