Pinduoduo gains 40% on debut after $1.63b US IPO
Chinese social e-commerce platform Pinduoduo – which is backed by Gaorong Capital, Sequoia Capital, and Tencent Holdings, among others – saw its shares gain 40% on debut following a $1.63 billion IPO.
The company sold 85.6 million American Depository Shares (ADS) for $19.00 apiece, the top end of the indicative range, according to a filing. Its shares opened at $26.50 on July 26 and closed at $26.70....
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