Book E-commerce giant DangDang sets pricing for NYSE IPO
DangDang Inc., the Beijing-based leading B2C e-commerce company in China, has set the pricing on its planned NYSE IPO at $11 to $13, as part of its plans to raise $17 million from selling American Depository Shares.
The e-commerce giant has been backed by Walden International, Alto Global Investment and DCM-Doll Capital Management, who together committed $27 million for its third round of financing in 2006. Morgan Stanley and Credit Suisse are co-lead underwriters on the IPO. Founded in 1999, DangDang operates primarily as a major online bookstore, competing with the China subsidiary of Amazon.com. Both companies together share about 9% of the China market.
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