Chinese photo app and mobile phone producer Meitu Inc announced on Wednesday that it has priced its IPO at HK$8.50 ($1.1) per share, the bottom of an indicative range of HK$8.50 to HK$9.60.
Meitu is estimated to raise about HK$4.7 billion through a public listing in the Hong Kong market. Trading of its shares is set to start Thursday, the company said.
Meitu is mostly known for photo-related mobile phone apps, but 95 percent of its revenue comes from the sale of smartphones, where it competes with much larger players including Huawei Technologies Co, Xiaomi Inc and Apple Inc, Reuters reported earlier.
In its preliminary prospectus, Meitu said it plans to use part of the IPO funds to expand its smartphone business and produce new devices, for potential acquisitions, and for marketing and research.
