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    Selfie app Meitu gauges interest in $750m IPO

    China Daily | Updated: 2016-11-22 07:58

    Selfie app Meitu gauges interest in $750m IPO

    Actress Angelababy attends a smartphone launch ceremony of Meitu Inc, a developer of photo touch-up apps, in Xiamen, Fujian province. CHEN LIJIE / FOR CHINA DAILY

    Chinese mainland mobile developer Meitu Inc said it started testing demand for a proposed Hong Kong initial public offering worth about $750 million, which could be the city's biggest technology listing in nearly a decade.

    The Xiamen-based company, which makes apps used to touch up selfie photos, will gauge interest from potential investors from Monday through Dec 2, according to terms for the offering obtained by Bloomberg. Meitu plans to use about 35 percent of the IPO proceeds to expand its smart hardware business, while around 25 percent will go toward strategic investments and acquisitions.

    Meitu hasn't set a target listing date or decided when it will begin taking orders for the share sale, the terms show.

    The stock offering from Meitu could become a test case for mainland technology companies seeking to list in Hong Kong. A government crackdown on backdoor listings has made it tougher for businesses to raise money in the Chinese mainland, while some entrepreneurs believe US exchanges don't offer high enough valuations for their businesses.

    At $750 million, the Meitu listing would be the biggest Hong Kong first-time share sale by a technology company since Alibaba.com Ltd's $1.7 billion offering in 2007, data compiled by Bloomberg show. Meitu plans to gauge demand this week from investors in Hong Kong, London, New York and Boston and will conduct calls with Singapore money managers, according to Monday's terms.

    The company will meet select Asian investors next week, before starting a formal management roadshow at a later date. It plans to earmark about 15 percent of the IPO proceeds for sales and marketing, the terms show. Meitu will also use some of the money to expand its internet service and fund research and development.

    Morgan Stanley, Credit Suisse Group AG and China Merchants Securities Co are joint sponsors of the offering.

    Bloomberg

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