Meituan Dianping (HK:3690), a Chinese restaurant reivew and delivery company, is raised about $4.2 billion In a Hong Kong initial public offering.
Maituan Dianping priced its Hong Kong IPO close to the top end of a marketed range. The company is set to begin trading on Sept. 20.
Backed by Chinese tech giant Tencent Holdings Ltd (HK:0700), the Beijing-based Meituan sold about 480 million primary shares at HK$69 (US$8.79) each, according to Reuters. The company set a price range of HK$60 to HK$72 per share on Aug. 31.
Meituan’s IPO is Hong Kong’s second multi-billion-dollar tech float in 2018 after smartphone maker Xiaomi Corp’s IPO of $5.4 billion.
The IPO is one of the largest in Hong Kong’s stock market for the coming months. Future offerings could include Bitcoin mining equipment producer Bitmain, which is expected to raise some $3 billion and a potential IPO of $1 billion from China’s movie ticketing platform Maoyan Weying.