Corporate-backed photo app developer Meitu is set to raise $629m in its initial public offering, down from a $1bn target in August and a $800m goal last month.

The hotel booking service, backed by Expedia, has priced its shares at $13 to $15m and will raise up to $492m in its initial public offering.

The biotech developer, an Oxford University spinout, has hired securities brokerage Stifel to assist in its initial public offering.

Pfizer, Takeda and BB Biotech invested a combined $88m in the offering, conducted less than five months after Myovant spun out of Roivant Sciences.