(Bloomberg) -- Meituan Dianping, a Chinese food delivery giant, plans to raise as much as $4.5 billion in an initial public offering in Hong Kong, according to people with knowledge of the matter.
The company plans to sell shares between HK$60 ($7.64) and HK$72 apiece, the people said, asking not to be identified because the information is private. The offering has attracted five cornerstone investors, including Tencent Holdings Ltd., to invest a combined $1.5 billion, according to the people.
New York-based Oppenheimer Holdings Inc. has agreed to invest $500 million as a cornerstone investor, while hedge funds Darsana Capital Partners LP and Landsdowne will buy $200 million and $300 million of shares, respectively, the people said.
Meituan is seeking a valuation of as much as $55 billion, according to one of the people. The company aims to start taking investor orders Sept. 4 through Sept. 12. It expects to price the offering Sept. 12 with shares to start trading Sept. 20.
A representative for Meituan Dianping declined to comment. IFR Asia reported the terms earlier Saturday, citing unidentified people familiar with the matter.
Tencent declined to comment in an email. Calls outside hours to Oppenheimer, Darsana and Landsdowne went unanswered.
Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. are joint sponsors for the offering, while China Renaissance Holdings Ltd. is sole financial adviser, according to a preliminary prospectus.
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