Tencent-backed Tuhu Car, a leading automotive service provider in China, has revealed 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 intends to sell approximately 40.62 million shares during the IPO, with a price range of HK$28 to HK$31 per share.
Integrated Online and Offline Platforms
Tuhu Car operates integrated online and offline platforms for automotive services in China, allowing customers to conveniently book and access car maintenance and repair services.
Tuhu Car is set to finalize the IPO price on September 19, and anticipates its shares to commence trading on the Hong Kong stock exchange starting from September 26.
Strong User Base and Investor Backing
With over 100.2 million registered users as of March, Tuhu Car has garnered considerable interest from investors for its business expansion. Notable investors include Tencent, Carlyle Group, and Sequoia China.
Allocation of IPO Proceeds
The funds raised from the IPO will be allocated towards further business expansion initiatives and research and development efforts.
Goldman Sachs, UBS, and BofA Securities have been appointed as the advisor banks for Tuhu Car's IPO.
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