World News: 11:40 GMT Friday 14th September 2018. [Qutoutiao Inc. via Globe Newswire via SPi World News]
SHANGHAI, China, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Qutoutiao Inc. (“Qutoutiao” or the “Company”) (NASDAQ: QTT), a leading mobile content aggregator in China, today announced that it has priced its initial public offering of 12,000,000 American depositary shares (“ADSs”), at US$7.00 per ADS for a total offering size of approximately US$84 million, assuming the underwriters do not exercise their option to purchase additional ADSs. Each four ADSs represent one Class A ordinary share of the Company. The ADSs are expected to begin trading on the NASDAQ Global Select Market under the ticker symbol “QTT” on September 14, 2018.
The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 1,800,000 additional ADSs.
Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. (in alphabetical order) as well as China Merchants Securities (HK) Co., Ltd. and UBS Securities LLC (in alphabetical order) are acting as joint bookrunners for the offering and KeyBanc Capital Markets Inc. is acting as co-manager.
Qutoutiao Inc. is a leading mobile content aggregator in China. Launched in June 2016, the Company’s flagship mobile application, , meaning “fun headlines” in Chinese, aggregates articles and short videos from professional media and freelancers and presents customized feeds to users. The Company believes that it represents a new generation of technology-driven content platforms and its technology brings relevant information and entertainment to users, stimulates users’ desire to read, and ultimately improves the knowledge exchange in society.
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Globe Newswire: 11:40 GMT Friday 14th September 2018
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