Yunji, a Chinese e-commerce site that uses a social platform to promote its products, announced terms for its US IPO on Monday.
The Hangzhou, China-based company plans to raise $162 million by offering 13.5 million ADSs at a price range of $11 to $13. Insiders intend to purchase $100 million worth of ADSs in the offering (62% of the deal). At the midpoint of the proposed range, Yunji would command a fully diluted market value of $2.8 billion.
In September, Reuters reported that the company was planning to raise $1 billion in its US IPO at a valuation of $7 billion to $10 billion.
Yunji was founded in 2015 and booked $1.9 billion in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol YJ. Morgan Stanley, Credit Suisse, J.P. Morgan and CICC are the joint bookrunners on the deal. It is expected to price during the week of April 29, 2019.
