The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Meituan Dianping, a Chinese food delivery giant, plans to raise as much as $4.5 billion in an initial public offering in Hong Kong, according to people with knowledge of the matter,
The company plans to sell shares between HK$60 ($7.64) and HK$72 apiece, the people said, asking not to be identified because the information is private. The offering has attracted five cornerstone investors, including Tencent Holdings Ltd., to invest a combined $1.5 billion, according to the people. New York-based Oppenheimer Holdings Inc. has agreed to invest $500 million as a cornerstone investor, while hedge funds Darsana Capital Partners LP and Landsdowne will buy $100 million and $300 million of shares, respectively, the people said.
Meituan is seeking a valuation of as much as $55 billion, according to one of the people. The company aims to start taking investor orders September 4 through September 12. It expects to price the offering on September 12 with shares to start trading September 20.