Alibaba-backed social influencer network Ruhnn floated in the middle of its range in the US, with Weibo buying $8m of shares.
China-based social marketing services provider Ruhnn secured $125m yesterday in an initial public offering on the Nasdaq Global Select Market that qualified as an exit for e-commerce group Alibaba.
The company issued 10 million American depositary shares (ADSs), each representing five ordinary shares, priced at $12.50 each, in the middle of the IPO’s $11.50 to $13.50 range. The IPO valued it at $413m and social media company Weibo bought $8m of shares in the offering.
Founded in 2016 as…
