Chinese photo app maker Meitu prices IPO at bottom, raises HK$4.88b: source

[HONG KONG] Chinese photo app and mobile phone maker Meitu Inc is set to raise US$630 million after pricing its Hong Kong initial public offering at the bottom of expectations, a person with direct knowledge of the deal said on Friday.

Meitu, known for its apps that let users retouch and beautify selfies and other photos, priced the IPO at HK$8.50 per share, after marketing the 574 million new shares in an indicative range of HK$8.50-HK$9.60 each, added the source, who declined to be named because details of the deal aren't public. That would put the deal at HK$4.88 billion (S$895 million).

Meitu did not immediately respond to a Reuters request for comment on the IPO price.

The IPO will be a rare technology sector flotation in Hong Kong and the largest from the industry since the business-to-business unit of e-commerce giant Alibaba Group Holding went public in 2007.

REUTERS