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China's Dida to raise up to $35 million in Hong Kong IPO

Chinese rideshare app operator Dida has actually released a Hong Kong going public ( IPO) to raise approximately HK$ 273.7 million ($ 35.06 million),. regulative filings showed on Thursday.

The company is selling 39.1 million shares in a rate range. of HK$ 5 to HK$ 7 each, the files showed.

Last prices is set for June 26 and the stock is due to. begin trading 2 days later on, revealed a term sheet reviewed by. .

The variety of shares on offer represents 3.9% of the overall. shares in the company. There is a greenshoe option to offer a. additional 5.86 million shares.

Dida will have a market capitalisation of about $900 million. after the IPO if the shares sell at the top of the cost range.

The company is a smaller sized rival of Didi which raised $4.4. billion in a 2021 New York City IPO however later delisted amid. examinations by Chinese authorities into its abroad. listings.

(source: Reuters)