Ex-Googler and founder of Pinduoduo
China's social e-commerce player Pinduoduo updated its IPO prospectus previously filed with US Securities and Exchange Commission (SEC) on July 17, 2018. It plans to raise at best US$1.87 billion by offering 85.6 million American depositary shares (ADS). The price range is from US$16 to US$19 each.
The founder, ex-Googler, could soon have a US$8.3 billion fortune, making him among the 25 richest people in the country, according to the Bloomberg.
It plans to trade on the Nasdaq under the ticker PDD on July 26, 2018. Goldman Sachs, Credit Suisse, CICC, and China Renaissance are the joint underwriters for the IPO, and Deutsche Bank is the depositary bank.
Given that the new shares will account for 8% of the total, Pinduoduo is expected to be val...
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