🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Tuhu Car aims for $160.89 million IPO in Hong Kong

EditorPollock Mondal
Published 09/14/2023, 07:26 AM
© Reuters.

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 (HK:0700), 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, UBS, and BofA Securities are among the banks advising Tuhu on the IPO process.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.