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Tencent-Backed Pinduoduo Set US IPO Price at Top of Range

THE WIRE WITH UP-TO-THE-MINUTE UPDATES

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 . . .

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