China's TuanChe Ltd., an omnichannel automotive marketplace, plans to raise up to $38 million in an initial public offering (IPO).
TuanChe intends to list its 4 million American depositary shares (ADS) for between $7.5 and $9.5 each with each ADS representing four class A ordinary shares.
The company, which reported revenue of $42.4 million for the full year 2017, intends to use the proceeds of its stock sale in New York to expand its business, strengthen its technology and analytics, and general corporate purposes.
TuanChe, which filed a prospectus last month that suggested a possible IPO of as much as $150 million, aims to list on the Nasdaq Capital Market under the symbol TC.