Cango, an online car marketplace for businesses and consumers in China, announced terms for its US IPO on Monday.
The Shanghai, China-based company plans to raise $138 million by offering 12.5 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Cango would command a fully diluted market value of $1.8 billion.
Cango was founded in 2010 and booked $188 million in revenue for the 12 months ended March 31, 2018. It plans to list on the NYSE under the symbol CANG. Morgan Stanley, BofA Merrill Lynch and Goldman Sachs (Asia) are the joint bookrunners on the deal. It is expected to price during the week of July 23, 2018.
