Tencent700,
The Tuhu Car-backed company plans to raise up to 1.26 billion Hong Kong dollars ($160.89 million) through an initial public offering in Hong Kong.
The company said on Thursday it plans to sell nearly 40.62 million shares, marketing them at a price range between HK$28 and HK$31 per share.
Tuhu provides integrated online and offline platforms for car service in China.
Tuhu expects to finalize the IPO price on September 19 and expects its shares to start trading on the Hong Kong Stock Exchange from September 26.
By the end of March, Tuhu had 100.2 million registered users and raised multiple rounds of equity funding from various investors for business expansion. Besides Tencent, other investors include Carlyle Group and Sequoia China.
Proceeds from the IPO will be used for business expansion and research and development.
Goldman Sachs, UBS and BofA Securities are among the banks advising Tuhu on the IPO.