Pinduoduo, China’s leading online group discounter, has nearly doubled the amount of money it aims to raise through an initial public offering in the US.
Tencent-backed Mengxun Information Technology, the company behind the mobile platform, will issue 85.6 million American depositary shares at a price range of USD16 to USD19 each to raise USD1.87 billion, Chinese news outlet Sina reported, citing the company’s updated IPO prospectus. Tencent and Sequoia Capital intend to increase their stakes by USD250 million each.
Just two weeks ago, the Shanghai-based startup filed to go public on the Nasdaq Stock . . .
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