Pinduoduo Announces Pricing of Initial Public Offering
July 27 2018 - 8:38AM
SHANGHAI, July 26, 2018 (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.
Pinduoduo's registration statement relating to the
offering has been filed with, and declared effective by, the United
States Securities and Exchange Commission. This press release does
not constitute an offer to sell or a solicitation of an offer to
buy the securities described herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
The offering of the securities is made only by
means of a prospectus forming a part of the effective registration
statement. A copy of the prospectus relating to the offering may be
obtained by contacting Credit Suisse Securities (USA) LLC at Eleven
Madison Avenue, New York, New York 10010, United States of America
or Goldman Sachs (Asia) L.L.C. at 68th Floor, Cheung Kong Center, 2
Queens Road, Central, Hong Kong or China International Capital
Corporation Hong Kong Securities Limited at 29th Floor, One
International Finance Centre, 1 Harbour View Street, Central, Hong
Kong or China Renaissance Securities (Hong Kong) Limited at Unit
8107-08, Level 81, International Commerce Centre, 1 Austin Road
West, Kowloon, Hong Kong.
About Pinduoduo (NASDAQ:PDD):
Pinduoduo is an innovative and fast growing "new
e-commerce" platform that provides buyers with value-for-money
merchandise and fun and interactive shopping experiences. The
Pinduoduo mobile platform offers a comprehensive selection of
attractively priced merchandise, featuring a dynamic social
shopping experience that leverages social networks as an effective
and efficient tool for buyer acquisition and engagement.
For investor and media inquiries, please
contact:
Investor Relations
investor@pinduoduo.com
Clermont Partners
Caitlin Markle
+1-901-314-0691
cmarkle@clermontpartners.com
Newgate Communications
Joshua Goldman-Brown
+852-6111-2358
joshua.goldman-brown@newgate.asia
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Pinduoduo Inc. via Globenewswire
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