A Chinese e-commerce platform for fashion and cosmetics which was hoping to raise US$67 million in a US IPO, according to a report published by Bloomberg, has met with a lackluster reception, says WWD.

According to an anonymous source quoted by Bloomberg, the 4.75 million American depositary shares listed at US$14 a-piece, implying a market value of US$1.3 billion – a far cry from the US$3 billion valuation the business received when it was created from the merger of Meilishup.com and Mogujie.com. However, WWD reports that the asking price fell straight away to just US$12 before rebounding to US$13 on Friday.

Mogu posted losses of US$44 million for the six months ended September 31, according to a regulatory filing, per Bloomberg. The Tencent-backed online retailer made its debut on the New York Stock Exchange on Thursday.