The China-based group buying service is set to float at the top of its range today, with Tencent remaining its largest investor.
Pinduoduo, the China-based group buying platform backed by internet group Tencent, will raise approximately $1.63bn when it floats in the US today.
The company is set to price the initial public offering at the top of its $16 to $19 range, and will issue 85.6 million American depositary shares (ADSs) on the Nasdaq Global Select Market. It values Pinduoduo at $23.8bn including all outstanding share options, according to Reuters.
The IPO was oversubscribed 20-fold and the buyers included Fidelity Investments…
