FINANCIAL SERVICES | Staff Reporter, Hong Kong

Chinese restaurant review and delivery firm Meituan Dianping to file for $6b IPO in June

It was recently valued at US$30b, making it the world’s fourth most valuable startup.

Bloomberg reports that Mainland restaurant review and delivery giant Meituan Dianping is reportedly filing for a $6b IPO in Hong Kong this month and an actual listing sometime around October.

Meituan is also mulling the sale of about 10% of the company, which is the minimum required under Hong Kong’s exchange rules, to avoid dilution, sources told Bloomberg.

Also read: Thriving IPO scene under threat as Mainland eyes similar bourse reforms

The company, which provides restaurant reviews, group-buying discounts and goods deliveries, was recently valued at around US$30b, making it the world’s fourth most valuable startup.

Also read: Blockbuster IPOs buoy Hong Kong loans 17.1% in April 

Founded in 2010 by Wang Xing, Meituan handled US$57b of transactions last year between about 320m active buyers.

“Meituan has been expanding its business from offline stores selling fresh products to online cab hailing, and also purchased Mobike earlier this year,” said Yang Xin, a researcher at Analysys International. “They are in need of a large amount of capital to support all those businesses.”

Here’s more from Bloomberg:

Photo from Baidu Images

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