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Mogu Inc., a Chinese startup selling fashion and cosmetics online, is poised to raise about $67 million in a U.S. initial public offering priced at the bottom of its marketed range, people with knowledge of the matter said.

The company, which counts Tencent Holdings Ltd. as an investor, plans to price its sale of 4.75 million American depositary shares at $14 each, the people said, asking not to be identified because the information is private. The shares were marketed at $14 to $16 apiece.

The price implies a market value of $1.3 billion, compared to the $4 billion the Chinese firm was targeting earlier this year before a market selloff hit demand for tech stocks. When Meilishuo.com and Mogujie.com merged in 2016 to create Mogu, the combined company said it was valued at $3 billion.

Mogu lost $44 million on revenue of $71 million for the six months ended Sept. 30, a regulatory filing shows. A representative for Mogu didn’t immediately respond to a request for comment.

The IPO marks the latest in a string of debuts this year by companies backed or controlled by Tencent, including Hong Kong-traded internet services giant Meituan Dianping and New York-listed electric vehicle maker NIO Inc. On Monday, Tencent’s music-streaming arm said it will market its U.S. IPO shares at $13 to $15 each, which would raise as much as $1.23 billion.

Morgan Stanley, Credit Suisse Group AG and China Renaissance Holdings Ltd. are arranging Mogu’s listing. Its shares are expected to begin trading Wednesday on the New York Stock Exchange under the symbol MOGU.

Written by Crystal Tse with assistance by Michael Hytha for Bloomberg

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