The Chinese mainland's Snack food maker Weilong Delicious Global Holdings is set to price its shares at HK$10.56 each in its Hong Kong initial public offering to raise $130.6 million, according to two sources with direct knowledge of the matter.

The sources could not be named as the information was not yet public.

Weilong Delicious declined to comment on its pricing.

At HK$10.56 each, the price set is towards the lower end of the HK$10.40 to HK$11.40 each flagged to investors when the deal launched on Monday

At HK$10.56 each, the price set is towards the lower end of the HK$10.40 to HK$11.40 each flagged to investors when the deal launched on Monday.

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The deal is a slimmed down version of Weilong's planned IPO in 2021 through which sources had previously told Reuters the company had hoped to raise up to $1 billion.

Weilong, backed by major investors such as CPE, Hillhouse, Tencent and Sequoia Capital China, sold 96.39 million shares in the IPO, its listing documents showed.

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The company founded in 1999 and based in Luohe city in Henan province in the Chinese mainland, makes popular spicy snacks made of soybeans and eggs. It also produces non-spicy snacks.