Hangzhou Ruhnn Holding Co. Ltd, which is backed by Alibaba Group Holding Ltd., said March 22 that it will offer 10 million American depositary shares at a price range of $11.50 to $13.50 in a planned IPO, according to an SEC filing.

The Chinese e-commerce platform, which connects key social media influencers and their fans to businesses, has applied to list the shares, each representing 5 class A ordinary shares, on the Nasdaq Global Market under the ticker symbol RUHN.

In a March 6 SEC filing, the company originally said it expected to raise up to $200 million from the offering.

The underwriters will be granted a 30-day option to buy up to 1,500,000 shares at the IPO price, minus underwriting discounts and commissions.

The Hangzhou, China-based Ruhnn said it will use the proceeds to pursue strategic investments, identify additional monetization channels, identify and cultivate influencers, and improve technology, including artificial intelligence and big data analytics tools.

Citigroup Global Markets Inc. and UBS Securities LLC are acting as joint book runners of this offering.