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.
Meitu, a China-based selfie retouching app developer backed by corporates including social media platform Sina Weibo, has priced its initial public offering at HK$8.50 ($1.10), Reuters reported today.
The company will float 574 million shares at the bottom of its range that had been set at HK$8.50 to HK$9.60. The pricing puts the IPO at $629m, down from last month’s target of $800m and lower than its goal of $1bn revealed in August 2016.
Meitu, which hopes to…
