KUALA LUMPUR, July 27 (Bernama) -- Pinduoduo Inc (Pinduoduo) -- one of the leading Chinese e-commerce players -- announced the pricing of its initial public offering of 85.6 million American Depositary Shares (ADSs) at a price of US$19 or RM 77.33 per ADS. (1US$ = RM 4.07).
The company´s total ADSs is equivalent of 342.4 million Class A ordinary shares for a total offering size of US$1.63 billion or RM 6.64 billion, assuming the underwriters do not exercise their option to purchase additional ADSs, a statement said.
Each of the ADSs is representing four Class A ordinary shares of the company. It have been approved for listing on the NASDAQ Global Select Market and are expected to begin trading today under the symbol ‘PDD´.
The underwriters have been granted a 30-day option to purchase up to an additional 12.84 million ADSs from Pinduoduo or equivalent of 51.36 million Class A ordinary shares which would contribute to additional gross proceeds of US$244 million or RM 993.08 million.
Among the joints bookrunners for the offering includes Credit Suisse, Goldman Sachs, CICC and China Renaissance.
Pinduoduo provides buyers with value-for-money merchandise and fun and interactive shopping experiences. Its mobile platform offers a comprehensive selection of attractively priced merchandise, featuring a dynamic social shopping experience.
-- BERNAMA
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