Wowo to price initial sale of 4.5 million ADS at $9.00 to $11.00

Bookrunner Axiom Capital Management will assist with the offering

By Devika Patel

Knoxville, Tenn., March 30 – Wowo Ltd. will sell 4.5 million American Depositary Shares in its initial public offering with a 30-day greenshoe of 675,000 additional ADS, according to a Form S-1/A filed Monday with the Securities and Exchange Commission. The company has registered up to $59.34 million of ADS.

The ADS, which represent a total of 81 million ordinary shares, will be sold at a price expected to fall between $9.00 and $11.00 per share.

Axiom Capital Management, Inc. is the representative of the underwriters and bookrunner.

Proceeds will be used for working capital purposes, research and development of mobile applications, marketing and other miscellaneous uses.

The Beijing company operates third-party e-commerce platforms, focusing on local entertainment and lifestyle services such as restaurants, movie theaters and beauty salons. The company intends to list its ADSs on the Nasdaq under the symbol “WOWO.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.