Meituan-Dianping filed IPO on Hong Kong for more $4 billion

Tinuku - Meituan-Dianping filed an IPO on the Hong Kong stock exchange on Monday aiming to raise more than US$4 billion. Inc, an online food delivery service platform headquartered in Beijing backed by Tencent Holdings Ltd is likely to list in October, has a value of around US$30 billion in last year's fundraising round.

Meituan-Dianping was formed in 2015 from a US$15 billion Meitan merger similar to Groupon Inc. and Dianping that resembles Yelp Inc. The company competes fiercely against's giant food shipping giant, backed by Alibaba Group Holding Ltd and new entrants in the market in large quantities like Didi Chuxing's ride-hailing app.

Tinuku Meituan-Dianping filed IPO on Hong Kong for more $4 billion

Meituan-Dianping's other backers include venture capital firms Sequoia Capital and DST Global, Singapore's sovereign wealth fund GIC Pte Ltd and state-owned investment company Temasek Holdings (Private) Ltd, as well as the Canada Pension Plan Investment Board.

The firm has mandated Bank of America Merrill Lynch, Goldman Sachs Group Inc. and Morgan Stanley to jointly sponsor its IPO.