Chinese omnichannel automotive marketplace Tuanche has further reduced its stock market listing target to $26 million.
Tuanche, which during originally filed to raise $150 million but scaled back the target to $34 million by offering 4 million ADSs, filed for a listing by offering 3 million American depositary shares at a price range of $7.5 to $9.5. It would command a market value of $707 million, at the midpoint of its planned range.
The company will use the capital raised for the development and expansion of its business, strengthening its information technologies and data analytics capabilities, and for general corporate purposes.
Tuanche, planning to list on the Nasdaq under the symbol TC, generated revenue of $40.7 million in the six months through June 2018 and $42.4 million for the year of 2017.