Alibaba challenger Pinduoduo to raise up to $1.5b in secondary offering

China’s upstart e-commerce company Pinduoduo Inc. and its shareholders filed to sell more than 50 million shares in a secondary offering that could raise about $1.5 billion after the company’s public debut last year.

The Shanghai-based company plans to sell 37 million American depository shares, while investors market 14.8 million, according to a securities filing. Its shares closed at $30.33 in U.S. trading, then dipped after hours to about $29. The lockup period for PDD’s shares expired last month and the selling shareholders include Banyan Partners, Sun Vantage Investment and Lightspeed China.

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