Qutoutiao, which is China's second largest mobile content aggregator focusing on lower tier cities, raised $84 million by offering 12 million ADSs at $7, the low end of the $7 to $9 range. It had previously filed to offer 16 million ADSs at the same range. It raised 38% less than previously anticipated. At the IPO price, Qutoutiao commands a market value of $2.1 billion and an enterprise value of $1.7 billion. Qutoutiao plans to list on the Nasdaq under the symbol QTT. Citi, Deutsche Bank, China Merchants Securities, UBS Investment Bank and KeyBanc Capital Markets acted as lead managers on the deal.
