Photo credit: Mobike
Chinese startup Meituan Dianping today confirmed the details of its hotly anticipated IPO.
- Raising: up to US$4.3 billion
- Valuation: up to US$55 billion
- Range: HK$60 to HK$72 per share
- Listing: September 20
- Location: Hong Kong Stock Exchange
Meituan, which started out doing daily deals before expanding into restaurant reviews, food delivery, travel services, and a limited pilot of a ride-hailing app, doesn’t expect to be profitable, according to an earlier regulatory filing. The company also comprises sister app Dianping.
WeChat maker Tencent has more than a 20 percent stake in Meituan Dianping.
2018 is seeing a wave of Chinese tech IPOs. This summer has already seen Pinduoduo – a new challenger to Alibaba – raise US$1.6 billion, while electric-car startup Nio is stomping on the throttle with its plan to pocket US$1.3 billion.
Converted from Chinese yuan. Rate: US$1 = RMB 6.83.
Editing by Eileen C. Ang
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