China-based e-commerce company Meituan Dianping has raised HKD33.2 billion (approximately US$4.2 billion) in its initial public offering (IPO) on the Hong Kong Stock Exchange. The company sold 480 million shares at a price of HKD69 (US$8.79) per share in the offering. The IPO received US$1.5 billion in commitments from cornerstone investors Tencent Holdings, China Structural Reform Fund, Oppenheimer, Lansdowne Partners and Darsana. Meituan is backed by corporate investors Alibaba Group Holding, Tencent Holdings and The Priceline Group, as well as private equity and venture capital fund managers Capital Today, Coatue Management, China International Capital, DST Global, Hillhouse Capital Management, IDG Capital, Pagoda Investments, Sequoia Capital, Tiger Global Management, Trustbridge Partners and Qiming Venture Partners.