Social e-commerce platform Pinduoduo’s (拼多多) share price has been set at $22.80 ahead of its US initial public offering (IPO) tomorrow (July 26), giving it a market value of  $28.8 billion, according to local media.

The company’s submission to the Securities and Exchange Commision in the US shows shares were expected to be priced between $16 and $19. However, due to oversubscription, sources say the company decided to raise the price.

Pinduoduo, which was founded in 2015, has quickly become one of the fastest growing e-commerce giants in China. As of April 2018, the company had over 300 million users. In 2017, the three-year-old e-commerce startup’s gross merchandise volume (GMV) exceeded RMB 100 billion–a point that took Taobao five years and JD 10 years to reach.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.