Tencent-Backed Start-Up Preps For World’s Biggest Tech IPO Since Uber
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January 25, 2021
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January 25, 2021Julia Fioretti, Bloomberg from ndtv said that Kuaishou Technology, the main rival to ByteDance in China, is seeking to raise as much as $5.4 billion in Hong Kong in what would be the world’s biggest internet initial public offering since Uber Technologies Inc.
The short video startup, backed by Tencent Holdings, is selling 365 million shares at HK$105 to HK$115 each, according to terms of the deal obtained by Bloomberg News. The company will start taking investor orders from Monday through January 29 and is slated to list on February 5.
Kuaishou is attempting the world’s biggest internet IPO since Uber’s $8.1 billion U.S. share sale in May 2019, according to data compiled by Bloomberg. The Chinese startup’s IPO will also give another boost to Hong Kong’s already-hot capital market and could become Asia’s largest since Budweiser Brewing Co. APAC’s $5.8 billion float almost two years ago.
