Chinese auto marketplace TuanChe sets terms for $34 million US IPO

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TuanChe, which operates an automotive marketplace in China, announced terms for its IPO on Wednesday.

The Beijing, China-based company plans to raise $34 million by offering 4 million ADSs at a price range of $7.50 to $9.50. Insiders intend to purchase up to $15 million of the IPO (44% of the deal). At the midpoint of the proposed range, TuanChe would command a fully diluted market value of $591 million and an enterprise value of $548 million.

TuanChe was founded in 2010 and booked $66 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol TC. Maxim Group LLC and AMTD Asset Management are the joint bookrunners on the deal. It is expected to price during the week of November 19, 2018.

The article Chinese auto marketplace TuanChe sets terms for $34 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs

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