Uxin, which China's largest online used-car marketplace for businesses and consumers, announced terms for its IPO on Wednesday.

The Beijing, China-based company plans to raise $437 million by offering 38 million ADSs at a price range of $10.50 to $12.50. At the midpoint of the proposed range, Uxin would command a fully diluted market value of $3.5 billion.

Uxin was founded in 2011 and booked $354 million in sales for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol UXIN. Morgan Stanley, Goldman Sachs (Asia), J.P. Morgan, CICC and China Renaissance are the joint bookrunners on the deal. It is expected to price during the week of June 25, 2018.

The article Uxin, China's leading used car platform, sets terms for $437 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.