Chinese e-commerce company Pinduoduo Inc. offered 85.6 million American depositary shares in its U.S. IPO, priced at US$19 per ADS, and started trading on Nasdaq.

At market close July 26, Pinduoduo's stock was trading at US$26.70 per share.

The IPO raised US$1.63 billion, giving the Tencent Holdings Ltd.-backed firm a valuation of US$23.8 billion, Reuters reported, citing three people familiar with the matter.

The IPO reportedly reached the top of the expected price range.

Pinduoduo announced its IPO on July 16 at an estimated price per ADS between $16 and $19.

Credit Suisse, Goldman Sachs, China International Capital Corp. and China Renaissance were the joint book runners for the offering.