Wowo opens on New York's Nasdaq exchange
Updated: 2015-04-08 23:55
By JACK FREIFELDER in New York(China Daily USA)
Chinese e-commerce platform Wowo Ltd opened for trading today on the Nasdaq exchange in New York at $11.06.
The company priced 4,000,000 American depositary shares (ADS), each representing 18 ordinary shares of the company, at $10 per share. If underwriters don't exercise their option to purchase additional ADSs, the total gross proceeds of the IPO are expected to be $40 million. Wowo granted the underwriters a 30-day option to purchase up to an additional 600,000 ADSs.
Wowo trades under the ticker symbol WOWO.
Founded in 2010, Wowo operates Chinese group-buying site 55tuan.com. Wowo uses its multi-pronged platform to promote "direct interaction" between more than 2,000 local merchants and their target customers in nearly 150 major Chinese cities, according to a Feb 4 filing with the Securities and Exchange Commission (SEC). Wowo attempted an IPO in the US in 2011, but had to withdraw because of internal delays.
The company had net revenues of $36.3 million for the 12-month period that ended December 31, 2013.
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