Meituan Dianping raises US$4.2b in IPO priced at high end

The Chinese food review firm sold 480.27 million shares at $69 apiece.

Bloomberg reports that Chinese restaurant review and delivery giant has raised around US$4.2b in a blockbuster flotation priced near the top of marketed range after pricing the sale of 480.27 million new Class B shares at $69 apiece.

The company, which provides restaurant reviews, group-buying discounts and goods deliveries, rolled out an initial offer range of $60 to $72.

Also read: Meituan Dianping hit by massive $22.79b loss ahead of blockbuster IPO

Founded in 2010 by Wang Xing, Meituan turned to an IPO to raise cash as it tries to move outside of its restaurant domain by expanding into ride-hailing, bikes and travel as it seeks to muscle against China’s tech titans Alibaba, Didi Chuxing and Ofo. 

Meituan's IPO is the second weighted voting rights float in Hong Kong after the bourse operator introduced sweeping reforms to its listing regime in an effort to lure more new economy and biotech firms.

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