Tencent-backed automotive service provider, Tuhu Car, announced on Wednesday that it plans to raise up to 1.26 billion Hong Kong dollars ($160.89 million) through an initial public offering (IPO) in Hong Kong. The company is marketing nearly 40.62 million shares at a price range of between HK$28 to HK$31 per share.
Tuhu operates integrated online and offline platforms for automotive service in China and has raised multiple series of equity financing from various investors for business expansion. As of the end of March, the company boasted 100.2 million registered users. Besides Tencent, other notable investors include Carlyle Group (NASDAQ: CG ) and Sequoia China.
The firm expects to finalize the IPO price on Monday, September 19, and anticipates its shares will commence trading on the Hong Kong exchange from Monday, September 26. Proceeds from the IPO will be utilized toward further business expansion and research and development efforts.
Goldman Sachs (NYSE: GS ), UBS, and BofA Securities are among the banks advising Tuhu on the IPO process.
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