In This Article:
Investing.com - Tongcheng-Elong Holdings Ltd, a Chinese travel website backed by tech giant Tencent Holdings Ltd (HK:0700), raised a total of $180 million from an IPO in Hong Kong.
The company sold 143.8 billion shares at HK$9.8 per piece, near the bottom of the range the company offered between HK$9.75 to HK$12.65 per share. The IPO raised far less than the $1 billion that had been originally touted.
Weak markets and a tumble in the share price of Ctrip.Com International Ltd ADR (NASDAQ:CTRP), another investor of Tongcheng-Elong, pushed the website firm to slash the size of the IPO, according to Reuters.
Reuters also reported that the company plans to use the funds raised in the IPO to enhance product and service offerings as well as to fund future acquisitions and investments.
Tongchen-Elong’s shares will start trading in Hong Kong on Nov. 26.
Related Articles
BioMarin sets stage early for hemophilia cure off-Broadway
Harvesting in a trade war: U.S. crops rot as storage costs soar
Japan says ready to work for stability of Nissan-Renault alliance