SYDNEY - Beijing-based ride-sharing app operator Dida has priced its shares at HK$6 each to raise US$30 million in its Hong Kong initial public offering, two people with direct knowledge of the matter said on Wednesday.

The people spoke on condition of anonymity to discuss confidential information.

The firm sold 39.1 million shares in the IPO, a regulatory filing showed.

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The final price was in the middle of the HK$5 to HK$7 price range set when the deal launched last week.

Dida had long planned to list in Hong Kong and had made a number of applications to the Hong Kong Stock Exchange, regulatory filings showed

At the final price, Dida will be valued at about $770 million.

Dida offers ride-sharing and car-pooling services and in its prospectus said it controlled about 31 percent of the market in China.

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It is considered a rival to the larger Didi which raised $4.4 billion in a 2021 New York IPO but later delisted amid investigations by Chinese authorities into its overseas listing.

Dida had long planned to list in Hong Kong and had made a number of applications to the Hong Kong Stock Exchange, regulatory filings showed.

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It had initially planned to raise up to $200 million, local media reported last year.