- China's Meituan-Dianping, an online food delivery-to-ticketing services platform, filed for a Hong Kong IPO on Monday.
- Meituan-Dianping was formed in 2015 from the $15 billion merger of Meituan and Dianping.
China's Meituan-Dianping, an online food delivery-to-ticketing services platform, filed for a Hong Kong IPO on Monday - an offering that aims to raise more than $4 billion, three people with knowledge of the plans said.
The firm, backed by gaming and social media firm Tencent Holdings, did not detail the amount of funds targeted or a time frame. Meituan-Dianping is likely to list in October, said the people, speaking on condition of anonymity.
Meituan-Dianping was formed in 2015 from the $15 billion merger of Meituan, likened to U.S. discounting platform Groupon, and Dianping, akin to U.S. online review firm Yelp.
The company competes with Ele.me, backed by e-commerce firm Alibaba Group Holding, as well as market entrants such as ride-hailing app operator Didi Chuxing.
Meituan-Dianping did not respond to requests for comment late last week about the deal size or potential valuation.
The company booked 33.9 billion yuan ($5.2 billion) in revenue in fiscal 2017, sharply higher than the 12.99 billion yuan made in the prior year, the filing said.
It made a 2.85 billion yuan adjusted net loss last year, smaller than losses of 5.35 billion yuan in 2016 and 5.91 billion yuan in 2015.
The filing comes as investors ready for a series of Chinese tech-related IPOs. Smartphone maker Xiaomi on Thursday launched a blockbuster Hong Kong IPO, aiming to raise up to $6.1 billion in the biggest tech-related listing worldwide since Alibaba's record-breaking $25 billion in 2014.
China Renaissance Group, a tech-focused investment bank led by one of the country's most famed rainmakers, is also planning a Hong Kong IPO, keen to raise as much as $800 million, people with direct knowledge of the matter told Reuters.
Meituan-Dianping has mandated Bank of America Merrill Lynch, Goldman Sachs Group and Morgan Stanley to jointly sponsor its IPO.