Meitu HK IPO eyes $644 million

Meitu, the maker of popular apps to edit selfies, announced on Friday details of its proposed listing in Hong Kong. It is seeking to net about HK$ 5 billion ($644 million) from an offer of 574 million shares at a price ranging between HK$ 8.5 and HK$ 9.6 per share.

Although lower than the $710 million expected earlier, the initial public offering is likely to the city's largest in nine years.

Based on the prospectus, 90 percent of the total global offering will be offered under the international placing to cornerstone investors Kingkey Enterprise and Ports International, and the remaining 10 percent will be offered under the Hong Kong public offering, which will open from Dec 5 to 8. Shares will be traded in board lots of 500 shares each with an entrance fee of HK$ 4,848.37.