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Meituan Dianping Raises $4.2 Billion In IPO

Chinese tech startup Meituan Dianping raised about $4.2 billion from its initial public offering after the company priced its shares $8.79 or HK$69 per share.

The company was able to priced its shares near its expected range of HK$60 to HK$72.

Meituan offers a online service platform that provides one-stop shop for services where people can make lunch reservations, buy movie tickets, book vacations or hail car rides.

According to South China Morning Post, Hong Kong billionaires Li Ka-shing, Joseph Lau Luen-hung and Adrian Cheng Chi-kong have invested in Meituan Dianping's IPO.

Li Ka-shing has subscribed to the IPO under the international placement tranche the report says.

Meituan's HK$33.14 billion IPO makes make it Hong Kong's second biggest tech offering this year after Chinese mobile phone maker Xiaomi.

The stock is expected to start trading on Hong Kong's main board from September 20.

by RTTNews Staff Writer

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