The travel booking platform, backed by Ctrip, Dalian Wanda and Tencent, has priced shares at the bottom of its range and raised $180m in its initial public offering.
Tongcheng-eLong, a China-based online travel agency backed by corporates Tencent, Ctrip and Dalian Wanda, has raised $180m in an initial public offering on the Hong Kong Stock Exchange.
The company issued approximately 143 million shares priced at HK$9.80 ($1.25) a piece, near the bottom of the IPO’s HK$9.75 to HK$12.65 range. Reports last month suggested it was targeting $1bn, but that goal was reduced to $233m earlier this month.
Tongcheng-eLong was created through the merger of LY.com, an online…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
