trending Market Intelligence /marketintelligence/en/news-insights/trending/ykc7jmbl6cw0cvbtyvjhkq2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Tencent-backed Pinduoduo soars 40.5% on US debut

Blog

Charter, DIRECTV and Comcast rank as the top 'RSN-friendly' MVPDs

TMT News & Research: 2020 Recap

Quibi's $2 billion bet on mobile video fizzles out

Cable nets struggle with cash flow declines due to cord cutting, pandemic


Tencent-backed Pinduoduo soars 40.5% on US debut

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.