HONG KONG, Dec 9 (Reuters) - Chinese photo app and mobile phone maker Meitu Inc is set to raise $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 ($629 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. ($1 = 7.7579 Hong Kong dollars) (Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman)