Chinese investment holding company Tongcheng-Elong Holdings Ltd. has completed a $180 million in Hong Kong (HK) initial public offering.
Tongcheng-Elong offered to sell its 143.8 million shares at a price of $1.25 and $1.62 per share.
The IPO, priced at the bottom of its proposed price range, Tongcheng-Elong increased its target of $800 million to $1 billion.
U.S.-based investment firm Morgan Stanley, JPMorgan Chase & Co. and CMB International Capital Ltd. are joint sponsors of the pricing.