China's Dida prices Hong Kong IPO shares at HK$6, sources say

By Scott Murdoch and Kane Wu

SYDNEY (Reuters) -China ride-sharing app operator Dida has priced its shares at HK$6 each to raise US$30 million in its Hong Kong initial public offering, two people with direct knowledge of the matter said on Wednesday.

The people spoke on condition of anonymity to discuss confidential information.

The Beijing-based firm sold 39.1 million shares in the IPO, a regulatory filing showed.

The final price was in the middle of the HK$5 to HK$7 price range set when the deal launched last week.

At the final price, Dida will be valued at about $770 million.

Dida offers ride-sharing and car-pooling services and in its prospectus said it controlled about 31% of the market in China.

It is considered a rival to the larger Didi which raised $4.4 billion in a 2021 New York IPO but later delisted amid investigations by Chinese authorities into its overseas listing.

Dida had long planned to list in Hong Kong and had made a number of applications to the Hong Kong Stock Exchange, regulatory filings showed.

It had initially planned to raise up to $200 million, local media reported last year.

(Reporting by Scott Murdoch in Sydney and Kane Wu in Hong Kong; Editing by Clarence Fernandez and Christopher Cushing)