Chinese group-buying site Pinduoduo backed by the tech giant Tencent will price its US initial public offering at $19 per American depositary receipt (ADR) to raise up to $1.63 billion in one of the biggest flotations by a Chinese company this year, according to people familiar with the matter.
Pinduoduo's decision to price the IPO at the top of a range between $16 and $19 comes after the flotation was oversubscribed by 20-fold from investors including . . .
To continue reading, please subscribe. You will get
- Original and in-depth reporting on China's economy and financial markets
- Details, data and perspectives you don't read elsewhere
- THE WIRE - a Real-Time News platform that delivers everything important about China's economy, companies, stocks, bonds, commodities and the yuan.
- Daily Brief newsletters to get you prepared for every trading day
We highly value independence. We are solely funded by subscriptions from thousands of readers like you.
Already have an account? Sign In