Pinduoduo, a Chinese shopping platform, late on Wednesday raised $1.6bn, according to people familiar with the deal, making it one of the largest US-listed initial public offerings this year.
The company sold 85.6m American depositary shares, or ADS, at $19 per share, pricing at the top of the range of $16-$19 and gave the company a market value of $23.8bn.
Founded by former Google engineer Colin Huang three years ago, the start-up had total revenue of Rmb1.4bn ($206.8m) in the three months ended March 31 from Rmb37m in the same period a year ago. The net loss of Rmb201m in first quarter of 2018 narrowed slightly versus Rmb208m in the year ago period.
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