China's Groupoun Wowo sets terms for $60 million US IPO

Wowo, which operates Chinese group-buying site 55tuan.com, announced terms for its IPO on Wednesday. The Beijing, China-based company plans to raise $60 million by offering 6.0 million ADSs at a price range of $9 to $11. At the midpoint of the proposed range, Wowo would command a market value of $384 million.

The company will market its IPO on a best efforts basis and will therefore not be included in our tracking stats.

Wowo, which was founded in 2010 and booked $29 million in sales for the 12 months ended September 30, 2014, plans to list on the NASDAQ under the symbol WOWO. Axiom Capital Management is the sole bookrunner on the deal. The IPO candidate has not disclosed a pricing date.