Ant Financial and Nikkei-backed 36Kr has raised just a fifth of its original IPO target and shares took another 10% hit on the first day of trading.
36Kr, a China-based media and startup services group backed by financial services firm Ant Financial and publisher Nikkei, priced its shares at the bottom of its range at $14.50 on Thursday.
The company reduced the number of American Depositary Shares it issued from a planned 3.6 million to 1.4 million, raising $20m in proceeds – a fifth of its targeted $100m. Shares dropped 10% on the first day of trading on the Nasdaq Global Market on Friday, closing at…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
