Baozun, partly-backed by Alibaba, has priced its shares below expectations in its New York initial public offering.
The e-commerce company raised $110 million in its Nasdaq flotation on Thursday after selling shares at $10 per unit, several dollars below the bottom indicative price range marketed during the company's roadshow. Sources close to the deal said that the valuation was too high, which led investors to push for a lower price.
The lower price also reflects general skepticism from US investors on Chinese internet companies, fearing a potential slowdown in the mainland.
Slight market volatility this week didn’t help sentiment leading up to the...