Smartphones producer’s value shoots up to $5 billion after stock exchange debut

Smartphones producer’s value shoots up to $5 billion after stock exchange debut

The Chinese mobile app for selfies Meitu might be free for users, but it is expecting to make its debut on the stock exchange and be highly valued by investors.

The company will come out on the market in Hong Kong, and its market value is expected to climb to $4.6 – 5.23 billion after the initial public offering.

The company will release its shares at prices of 8.5 – 9.6 Hong Kong dollars, anticipating to attract between 629 – 710 million dollars capital, according to CNBC.

The company is well-known for its mobile app, which enables users to digitally edit their pictures, and for its live streaming software. The company also manufactures smartphones, designed especially for taking selfies.

The Hong Kong stock exchange has not seen such an impressive listing for almost a decade. The last of such scale was internet giant Alibaba’s IPO, which brought the company $1.7 billion, according to Dealogic data.

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