Pinduoduo, a Chinese e-commerce company operating the Pinduoduo mobile platform, announced terms for its US IPO on Monday.
The Shanghai, China-based company plans to raise $1.5 billion by offering 85.6 million shares at a price range of $16 to $19. Insiders intend to purchase $500 million worth of shares in the offering (33% of deal). At the midpoint of the proposed range, Pinduoduo would command a fully diluted market value of $22.2 billion.
Pinduoduo was founded in 2015 and booked $462 million in revenue for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol PDD. Credit Suisse, Goldman Sachs (Asia), and CICC are the joint bookrunners on the deal. It is expected to price during the week of July 23, 2018.
