Youon has become the first bike sharing company to complete an initial public offering in China, providing an exit to Alibaba's Ant Financial affiliate.
China-based bicycle sharing company Youon Bike raised $87m in an initial public offering on the Shanghai Stock Exchange today that provided an exit to financial services provider Ant Financial.
The company’s shares were priced at RMB26.85 (aproximately $4.00) each, and rose as high as RMB38.66 on its first day of trading. The flotation marks the first time a China-based on-demand bicycle service provider has gone public.
Founded in 2010, Youon began life as an operator of government-funded bicycle rental offerings…
