The Bertelsmann automotive e-commerce platform has priced its shares at the lower end of its range to raise $20m instead of its targeted $150m.
Tuanche, a China-based automotive e-commerce marketplace backed by media group Bertelsmann, has priced its shares at $7.80, settling on the lower end of its range and securing $20.3m in its initial public offering.
The company issued 2.6 million American depositary shares (ADSs). It had originally set a range of $7.50 to $9.50, targeting as much as $150m in proceeds.
Founded in 2010, Tuanche operates an e-commerce marketplace for cars and sells vehicles through its own public auto shows.…
