Meituan-Dianping confirms IPO: Raising $4.3 Bn at $55 Bn valuation

Meituan-Dianping

It’s going to be IPO season for Chinese companies. Within two months of the launch of IPO by Xiaomi in the Hong Kong Stock Exchange, many other Chinese tech companies have their plans to launch IPOs. And the latest in the league is Meituan Dianping.

Meituan-Dianping, one of the emerging Chinese tech giants, is planning to list the company on the Hong Kong Stock Exchange this September.

In its IPO launch, it plans to raise up to US$4.3 billion at a valuation up to US$55 billion. The company’s share will be in a range between HK$60 to HK$72 per share.

Launched in 2010, Meitun-Dianping is currently known for food delivery but also provides a slew of services ranging from deals & coupons, grocery, movie ticket booking, handyman services, travel, and on-demand cab services. It is also the owner of cycle rental platform Mobike.

Also Read: A glimpse into world’s 4th highest valued startup: Meituan-Dianping

In the last eight year, it has received a total funding of $8.3 billion, generates an estimated $5.4 billion worth of annual revenue. Tencent is one the biggest investors in the company.

Besides, Meituan-Dianping is also planning to launch its app-based bicycle sharing platform Mobike, which is expected to start its services by next few weeks from Pune.

Early this year, Meituan also made a debut in the Indian startup ecosystem with its participation in $100 million funding round in Swiggy. It invested $40 million in the Gurgaon-based food delivery company.

Late last month, an online media platform revealed that Tencent is planning to launch IPO in US Securities and Exchange Commission in October. The IPO is expected to be at a valuation between $29 billion and $31 billion.

The Chinese e-commerce platform Pinduoduo is also looking to fuel its rapid rise with an IPO in the US that’ll raise $1.6 billion and value it at US$24 billion. It has set a price of US$19 per share for its imminent NASDAQ debut.

Nio, a Chinese electric cars maker, last month announced that it wants to raise US$1.8 billion in an IPO stateside.

The development was first reported by TECHINASIA.

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