An internet car platform based in China, Cango, was allowed to ring the opening bell on the New York Stock Exchange recently as a part of their initial public offering. Cango will be traded under the name of CANG.
Their IPO was valued at 4 million US depository shares priced at around $11 per shares. This evaluation puts Cango worth around $44 million.
BofA Merril Lynch, Goldman Sachs of Asia, and Morgan Stanley were all partners and book-runners for Cango's offering.
Quickly Cango began selling for $12.50 and climbed throughout the by 13.64%, toward the middle of the day Cango was trading back around their original pricing of $12.51.
The Chairmen of Cango, Zhang Xiaojun, recently stated that all of the money the company raises through their IPO will be utilized into offline marketing and researching technology for the future.
Cango currently operates as a car transaction platform and boasts over 37,500 dealers, 11 third party finance company partners, and over 730,000 customers just earlier this year. This information was all made public through their IPO filing.
Cango was started back in 2010. In the year between March of 2017 to March of 2018, Cango earned over $194 million in sales.
Currently, China's car finance marketplace is growing at a compound annual growth rate of 32% between 2013 and 2016 as reported by a consulting management firm, Oliver Wyman.
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