IPO News Archive
E-Commerce China Dangdang prices IPO at $16, above its upwardly revised range
E-Commerce China Dangdang, China's largest online bookseller and operator of a rapidly-growing e-commerce platform, raised $272 million by selling 17 million ADSs at $16, above an upwardly revised range of $13 to $15. The company originally filed with a price range of $11-$13 per ADS. The $16 offer price, which represents a 33% increase from the original midpoint, puts Dangdang's fully diluted market value in excess of $1.3 billion. Often referred to as the Amazon.com of China, Dangdang generated $218 million in sales in 2009, an increase of 90% over 2008. In the first nine months of 2010, the company's sales jumped 56% to $235 million. E-Commerce China Dangdang is expected to open for trading on Wednesday on the NYSE under the symbol "DANG". Credit Suisse and Morgan Stanley acted as lead managers on the deal.