A smartphone with the Trip.com app is seen on the screen in Hong Kong, July 30, 2018. (S3STUDIO / GETTY IMAGES ASIAPAC VIA BLOOMBERG)
Online travel platform Trip.com Group Ltd is telling prospective investors it plans to price its Hong Kong Special Administrative Region second listing at HK$268 per share, on track to raise about US$1.09 billion, according to people familiar with the matter.
The price represents a discount of about 2 percent to Trip.com’s closing price of US$35.20 on Monday on the Nasdaq, the people said, asking not to be identified as the information isn’t public.
Trip.com’s US shares have risen about 4 percent this year, giving the firm a market capitalization of US$21 billion
The company is offering 31.6 million shares in the HKSAR share sale. It has set a maximum price of HK$333 for the portion of the deal reserved for retail investors.
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One of Trip.com’s American depositary shares is equivalent to one ordinary share. The shares are due to start trading in the HKSAR on April 19. An external representative for the company didn’t immediately respond to a request for comment.
Trip.com’s US shares have risen about 4 percent this year, giving the firm a market capitalization of US$21 billion.
It is part of a wave of US-listed mainland companies seeking a trading foothold in the HKSAR which has seen some of the country’s biggest tech giants such as Alibaba Group Holding Ltd and JD.com Inc raise over US$36 billion since late 2019, data compiled by Bloomberg show.
Recent second listings from the likes of Baidu Inc and Bilibili Inc fared less well than ones last year as they got caught up in a broader selloff of technology shares as investors rotated into sectors expected to benefit from a recovery of global growth. But tech names have since staged a comeback, with the Nasdaq Composite Index rising from lows hit at the beginning of March.
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JPMorgan Chase & Co, China International Capital Corp and Goldman Sachs Group Inc are joint sponsors for Trip.com’s listing.