SYDNEY: Chinese ride-share app operator Dida has launched a Hong Kong initial public offering (IPO) to raise up to HK$273.7 million ($35.06 million), regulatory filings showed on Thursday.

The company is selling 39.1 million shares in a price range of HK$5 to HK$7 each, the documents showed.

Final pricing is set for June 26 and the stock is due to start trading two days later, showed a term sheet reviewed by Reuters.

The number of shares on offer represents 3.9% of the total shares in the company. There is a greenshoe option to sell a further 5.86 million shares.

Dida will have a market capitalisation of about $900 million after the IPO if the shares sell at the top of the price range.

The firm is a smaller rival of Didi which raised $4.4 billion in a 2021 New York IPO but later delisted amid investigations by Chinese authorities into its overseas listings.

 - Reuters