Chinese Vaping Firm Seeks Up to $1.2 Billion in U.S. IPO
- RLX Technology offers 116.5 million shares in U.S. IPO
- IPO comes after a bumper 2020 for China Inc. listings in U.S.
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Chinese e-cigarette maker RLX Technology Inc. is looking to raise as much as $1.17 billion from a U.S. initial public offering, highlighting how American stock exchanges remain attractive fund-raising avenues for mainland firms despite heated tensions between the world’s two biggest economies.
RLX Technology, backed by Sequoia Capital China, is selling 116.5 million American Depositary Shares at $8 to $10 each, according to a U.S. filing. Each ADS represents one ordinary share and will be listed on the New York Stock Exchange.