[{"_1":2,"_84":-5,"_85":-5},"loaderData",{"_3":4,"_6":7},"root",{"_5":-5},"user","routes/tag.$slug",{"_8":9,"_73":74,"_81":76,"_82":64,"_83":65},"posts",[10],{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":22,"_23":24,"_25":26,"_27":28,"_29":30,"_31":32,"_33":-5,"_34":35,"_36":37,"_47":48,"_66":67,"_68":69,"_70":71,"_72":32},"documentId","htawjfwoc5fxfgnxxkkvkp3m","title","Short Video App Kuaishou Seeks up to $5.4B in Hong Kong IPO","slug","short-video-app-kuaishou-seeks-up-to-5-4b-in-hong-kong-ipo","excerpt","Short video startup Kuaishou Technology is aiming to raise as much as $5.4 billion in its initial public offering, potentially becoming the largest IPO in Hong Kong since late 2019.","content","\n

Short video startup Kuaishou Technology is aiming to raise as much as $5.4 billion in its initial public offering, potentially becoming the largest IPO in Hong Kong since late 2019.

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The short video startup, backed by Tencent Holdings Ltd., will price 365.2 million shares at HK$105 to HK$115 ($13.5 to $14.8) each, according to Bloomberg and Reuters citing the terms of the deal. The final price will be set on Friday and the shares will begin trading on Feb. 5.

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If Kuaishou triggers the greenshoe option, which will allow underwriters to issue more shares than originally planned based on demand, the firm can sell a further 54.78 million shares in the 30 days after listing that could bring the total amount raised up to $6.2 billion.

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If so, it will become Hong Kong’s largest IPO since Budweiser Brewing Company’s $5.75 billion float in September 2019.

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Kuaishou’s 10 cornerstone investors — including The Capital Group, Temasek Holdings, GIC, BlackRock and Abu Dhabi Investment Authority — are expected to buy up to US$2.45 billion shares.

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The offering could bring the company’s valuation to $60 billion, pre greenshoe, up from the $28.6 billion it achieved in a funding round last year. If the greenshoe option is fully exercised, it would boost Kuaishou’s capitalization to as much as $61.7 billion.

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Kuaishou, which allows users to upload short videos and host live-streaming programs, had about 262 million average daily active users as of September, according to its prospectus. In China, it has a particularly strong user base among users in lower-tier cities and rural communities. Its rival Douyin, owned by Beijing-based ByteDance, has 600 million.

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Livestreaming sales, online marketing services, e-commerce business and online games constitute the main source of revenue for the firm.

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Kuaishou will use the funds for research and development, acquisitions and investment and expanding its ecosystem, according to the term sheet.

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Tag: #CORNERSTONE INVESTOR

Short Video App Kuaishou Seeks up to $5.4B in Hong Kong IPO