Chinese online bookseller kicks off $221 million NYSE IPO

Described as China's Amazon, Dangdang.com is banking on growing internet usage and consumer spending in China.

Coinciding with the year’s busiest shopping season that kicks off in the US today, online Chinese bookseller E-Commerce China Dangdang has just opened the books for its initial public offering on the New York Stock Exchange, which aims to raise between $187 million and $221 million.

Referred to as the Chinese Amazon.com, Dangdang is the largest book retailer in China in terms of revenue and, according to an iResearch consumer survey, the number one ranked brand among Chinese business-to-consumer B2C e-commerce companies when it comes to awareness, trusted online shopping experience and price competitiveness.

The company is offering 17 million American depositary shares ADS, which account for 21.8% of its enlarged share capital. However,...

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