Dangdang raises $272 million through IPO on NYSE

10:56, December 10, 2010      

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Chineseonline retailer dangdang.com raised $272 million through its IPO on New York Stock Exchange Wednesday.

Dangdang issued 17 million American Depositary Shares for $16 a share, collecting $272 million in total. Its share price closed at $29.91, up 86.94 percent.

Li Guoqing, CEO of dangdang, said that the company's strong IPO demonstrated investor confidence in China's e-commerce industry and recognition of dangdang's business performance.

He also said that the IPO provided dangdang with enough capital, and the company will improve services to enhance its leading position, keep low-price strategy. Li added that dangdang is considering the possibility of acquiring e-commerce related companies that have already broken even or are profitable.

Dangdang is one of the biggest online retailers in China, and it is the only online B2C (Business-to-Customer) store that has gained an amount equal to that invested. It sells books, clothing and household products in over 750 Chinese cities. Its book selling business occupies around 50 percent of the market share in China, and Dangdang's operating revenues in first three quarters this year totaled 1.57 billion yuan ($235.74 million), increasing by 55.6 percent year-on-year.

Source: Global Times


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