Vipshop dwarfs IPO with $173m follow-on
Chinese online fashion retailer Vipshop Holdings shrugged off a tumble in Chinese equity prices this week, nabbing $173m from a follow-on deal in New York. That was easily more than double what it raised on its IPO last year.
The company had planned to sell 6m American Depository Receipts, but after investors flocked to the order book it was able to increase that to 7.2m. The 20% increase was the maximum allowed under SEC rules without filing a separate listing, but does not include the 15% greenshoe.
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