Pinduoduo set for $6.1bn from jumbo fundraising

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By Rashmi Kumar
19 Nov 2020

The tripling of Chinese e-commerce firm Pinduoduo’s shares this year did little to deter investors from pouncing on its follow-on and convertible bond outing. It raised about $5.3bn from the combined transactions, paving the way for further expansion and growth.

The firm opened the deal on Tuesday. Initially on offer in the follow-on were 22m American depositary shares, plus a greenshoe of 3.3m shares. They were pitched alongside a five year CB, callable and puttable from December 2023, which had a base size of $1.75bn with a greenshoe ...

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