Dida Raises Over HK$182 Million in Hong Kong IPO Ahead of Listing Debut

MT Newswires Live06-28

Dida (HKG:2559) raised HK$182.3 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the midpoint of the indicative price range.

The carpooling and taxi-hailing service issued 39,091,000 shares at HK$6.00 apiece, the midpoint of the HK$5.00 to HK$7.00 price range, according to a Thursday disclosure.

The deal's Hong Kong or public offering portion was 112.9 times oversubscribed, prompting the company to reallocate 15.6 million shares from the international offering and take the number of public shares offered to more than 19.5 million shares.

The international or placing shares were 1.28 times oversubscribed, and the firm issued about 19.5 million shares after the reallocation, cutting the initial allocation of 35.2 million shares.

If the overallotment option is exercised in full, the issuer will raise about HK$35.2 million more in gross proceeds from the IPO through the issuance of about 5.9 million additional shares.

Dida will start trading on the Hong Kong bourse on Friday.

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