Meituan Dianping picks a tricky time for its $4.4 billion initial public offering
The online services startup proclaimed details weekday concerning its plans to float on the Hong Kong exchange. Its initial public offering could be a take
Meituan likes to decision itself the "Amazon of services." The Beijing-based startup was fashioned in 2015 by the merger of 2 smaller corporations — Meituan and Dianping —
It has since ballooned into a one-stop buy on-line services, an area wherever individuals will create lunch reservations, obtain motion-picture show tickets, book vacations or hail a automotive ride — all victimisation Meituan's mobile app.
The company same it's going to sell over 480 million shares in the week for between sixty and seventy two Hong Kong bucks ($7.64 and $9.17) each.
That could price Meituan at over $50 billion, not up to the $60 billion it absolutely was reportedly seeking earlier this year.
The initial public offering can boost the wealth of the company's co-founder and chief operating officer, Wang Xing, United Nations agency already features a web value of $4 billion, per Forbes.
Trading in Meituan shares on the Hong Kong exchange is about to begin on September twenty.
The company plans to use the money from the initial public offering to upgrade its technology, develop new product and services, and create acquisitions and investments. Meituan recently created headlines for getting Chinese bike-sharing company Mobike during a deal reportedly value around $3 billion.
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