Chinese group-buying platform Pinduoduo is hoping to raise $1.63 billion by issuing over 85 million US depositary shares on the Nasdaq, reports Caixin.
Upper estimates expect the company to raise $1.87 billion in the IPO. Shares will be priced between $16 and $19, according to the company.
Pinduoduo is China’s third largest e-commerce brand by sales, behind Alibaba and JD.com. It sells to 344 million customers across China as of the end of June. This figure has increased by almost 50 million in just three months, making it one of the country’s fastest growing internet retail firms.