MOGU, a Tencent-backed online fashion marketplace in China, announced terms for its IPO on Friday. The company operates the Meilishuo (Meili) and Mogujie fashion platforms.
The Hangzhou, China-based company plans to raise $71 million by offering 4.75 million ADSs at a price range of $14 to $16. JD.com has agreed to purchase $30 million worth of ADSs in the offering, or a concurrent private placement. The company originally filed earlier this month for a $200 million IPO. At the midpoint of the proposed range, MOGU would command a fully diluted market value of $1.7 billion.
MOGU was founded in 2009 and booked $142 million in sales for the 12 months ended September 30, 2018. It plans to list on the NYSE under the symbol MOGU. Morgan Stanley, Credit Suisse and China Renaissance are the joint bookrunners on the deal. It is expected to price in December.
