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Chinese E-Commerce Startup Fetches Nearly $24 Billion Valuation in Nasdaq IPO

Pinduoduo is an emerging rival to Alibaba and JD.com

By

Stella Yifan Xie

The Wall Street Journal

Biography Stella Yifan Xie
@yifanxie
stella.xie@wsj.com

July 26, 2018 3:14 a.m. ET

HONG KONG—A three-year-old Chinese internet startup earned a nearly $24 billion market valuation in an initial public offering in New York, drawing high investor demand ahead of a string of larger internet IPOs from the country in the coming months.

Pinduoduo Inc., a Shanghai-based online discounter that some people call China’s Groupon, priced a $1.63 billion sale of American Depositary Shares at $19 apiece, the top end of their offered range, according to people familiar with the matter. The securities are expected to start...

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