HONG KONG Dec 9 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
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