image credit: bamboo works
Dida, a Chinese ride-sharing app operator, has priced its shares at HK$6 apiece in order to raise US$30 million in its Hong Kong IPO, according to two individuals with direct knowledge of the situation.
The individuals talked on the condition of anonymity in order to disclose private material.
According to a regulatory filing, the Beijing-based business sold 39.1 million shares in its first public offering.
The final pricing was in the center of the HK$5 to HK$7 price range established when the agreement was announced last week.
Dida’s ultimate worth will be about $770 million.
Dida provides ride-sharing and carpooling services, and according to its prospectus, it controls around 31% of the Chinese market.
It is seen as a competitor to the bigger Didi, which raised $4.4 billion in a 2021 New York IPO but was subsequently delisted after Chinese authorities’ inquiries into its abroad listing.
Dida has long sought to list in Hong Kong and had submitted many applications to the Hong Kong Stock Exchange, according to regulatory papers.
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