SHANGHAI, July 27 (Bernama-GLOBE NEWSWIRE) -- Pinduoduo Inc. ("Pinduoduo" or the "Company") (NASDAQ:PDD), an innovative and fast growing “new e-commerce” platform and one of the leading Chinese e-commerce players, today announced the pricing of its initial public offering of 85,600,000 American Depositary Shares ("ADSs") (equivalent of 342,400,000 Class A ordinary shares) at a price of US$19 per ADS for a total offering size of US$1.63 billion, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs, each representing four Class A ordinary shares of the Company, have been approved for listing on the NASDAQ Global Select Market and are expected to begin trading today under the symbol "PDD."
The underwriters have been granted a 30-day option to purchase up to an additional 12,840,000 ADSs from the Company (equivalent of 51,360,000 Class A ordinary shares), which would contribute to additional gross proceeds of US$244 million.
The number of ordinary shares outstanding immediately after this offering (assuming the full vesting and exercise of 581,972,860 options granted and outstanding as of this offering) is 5,013,118,240 ordinary shares on a fully diluted basis (or 5,064,478,240 ordinary shares if the underwriters exercise the over-allotment option in full).
Credit Suisse, Goldman Sachs, CICC and China Renaissance acted as joint bookrunners for the offering.
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