Dow Jones Newswires: Tencent-backed Tuhu Car plans Hong Kong IPO


Tencent 700, +0.44% -backed Tuhu Car 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 Thursday it plans to sell nearly 40.62 million shares, and is marketing them at a price range of between HK$28 to HK$31 a share.

Tuhu provides integrated online and offline platforms for automotive service in China.

Tuhu expects to finalize the IPO price on Sept. 19, and expects its shares to start trading on the Hong Kong exchange from Sept. 26.

As of the end of March, Tuhu had 100.2 million registered users and raised multiple series of equity financing from various investors for business expansion. Besides Tencent, other investors include Carlyle Group and Sequoia China.

Proceeds from the IPO will be used toward business expansion and research and development.

Goldman Sachs, UBS, and BofA Securities are among the banks advising Tuhu on the IPO.

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