Kuaishou Technology expects to raise atleast $5 bn from IPO

Kuaishou Technology is aiming for the world’s biggest IPO in more than a year, seeking to raise about $5 bn from a Hong Kong share sale as short-video and live-streaming apps surge in popularity in China. Post-IPO, The company would be valued at more than $60 bn.

Kuaishou, which means “fast hand” in Chinese, is backed by Tencent Holdings Ltd. It was co-founded by Su Hua and Cheng Yixiao, software engineers who previously worked for Google China and Hewlett Packard , respectively.

With a minimal deal dimension of $4.95 bn, the IPO could be the most important on the earth since late 2019, when state-controlled Saudi Arabian Oil Co., generally often known as Aramco, raised $29.4 bn.