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.
- Obama, Castro hold historic meeting, vow to turn the page
- Washington's trick of 'thief crying stop thief' on South China Sea
- Evacuation from Yemen ending as situation deteriorates
- Burnaby signs 'art' bridge
- Bird flu outbreaks reported in two Mexican states
- Failed developer shoots dead 3, injuries 2 at Milan courthouse
- Apple Watch makes debut in China's Hangzhou
- Urban chameleon blends into background
- Highlights of top 10 archeological finds in 2014
- Jordan super fan shows off collection
- A soldier husband's labor of love
- Chinese farmers plough their lands for spring
- Tibetans' viral wedding photos contrast city with country life
- Across America over the week (from April 3 to 9)
What do we know about AIIB
Full coverage of Boao Forum for Asia
Annual legislative and political advisory sessions
Spring Festival trends reflect a changing China
Patent applications lead the world
BC lures Chinese tourists
Today's Top News
US backs China's campaign to hunt down fugitives
Obama, Castro hold historic meeting, vow to turn the page
Consulate general praises C-100 on 25th anniversary
Reform, innovation key to boost demand, growth: Li
Washington's trick of 'thief crying stop thief' on South China Sea
CreditEase, US firm team up
US, Cuba hold highest-level talks since 1961
Celebrating a relationship
Geared to go
The place to be