Kuaishou, a tech company based in Beijing, is seeking to raise as much as $6.2 billion in a stock market listing in Hong Kong, according to details of the planned IPO shared with CNN Business by a source familiar with the deal.
The company, whose name means “fast hand” in Chinese, plans to issue about 365 million shares priced between 105 and 115 Hong Kong dollars ($13.55 and $14.84). At the top of that range, it would raise 42 billion Hong Kong dollars, or $5.4 billion. Issuing more shares in an over-allotment option could bring its haul to $6.2 billion.
The company expects to price its shares by the end of this week, and list them on February 5.
Kuaishou did not immediately respond to a request for additional comment from CNN Business.
Even so, that’s far short of industry leader ByteDance. The company’s Douyin app — the Chinese version of TikTok — had more than 600 million daily users in August, according to the company.
In its prospectus, Kuaishou mentioned “the fact that the internet business is highly regulated in China” as a potential risk.
Ten cornerstone investors have already pledged to invest $2.45 billion in Kuaishou. They include Temasek, BlackRock, GIC, the Abu Dhabi Investment Authority, Fidelity and Invesco. The deal’s sponsors include Bank of America Securities, Morgan Stanley, and China Renaissance.