Tencent-backed fashion site Mogu halves IPO valuation goal

The Tencent Holdings Ltd.-backed company filed for an IPO earlier this month with an offering size of US$200mil, a placeholder amount used to calculate fees that is likely to change.

HONG KONG: Mogu Inc, a Chinese startup selling fashion and cosmetics online, is targeting a reduced valuation of US$2bil in its US initial public offering amid a market rout that has hit demand for tech stocks, people familiar with the matter said.

More volatility could hit its ability to achieve the goal and Mogu is evaluating conditions, the people said, asking not to be identified because the details are private. The new target is about half of what it wanted in April, two of the people said.