HONG KONG —China’s Babytree Group, a parenting website operator, has priced its Hong Kong IPO at the bottom of a marketing range, people close to the deal said, reducing its valuation and implying a ‘down round’ for investor Alibaba Group Holding Ltd.
Babytree will sell shares in the initial public offering (IPO) at HK$6.80 each—the low end of a range that reached HK$8.80—to raise $217 million, instead of up to the $1 billion initially targeted.
