Kuaishou’s Mega IPO by the Numbers, the Largest Listing Since Uber
- ByteDance competitor’s retail orders already smashed records
- Institutions trading gray market shares over twice IPO price
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Kuaishou Technology’s Hong Kong initial public offering is set to give the Chinese social video app maker its moment in the sun, even if its victory over rival ByteDance Ltd. ultimately proves to be short-lived.
The firm behind the app -- second in terms of daily users only to Douyin, the domestic version of ByteDance’s international hit TikTok -- will have its debut Friday, after having already broken records in Hong Kong for the number of retail investors subscribing to its shares, and the amount pledged in the process. The $5.4 billion raised makes Kuaishou the world’s biggest internet IPO since Uber Technologies Inc.’s $8.1 billion U.S. share sale in May 2019.