The GIC-backed local services portal plans to float in Hong Kong in two weeks time and has locked up $1.5bn in investment already.

China-based local services platform Meituan Dianping today confirmed today it aims to raise $4.4bn in a Hong Kong initial public offering in which internet group Tencent will buy $400m of shares.

Meituan Dianping will price the IPO at between HK$60 and HK$72 ($7.64 to $9.17) per share and intends to list on September 20. If it floats at the top of the proposed range the company will come out with a $55bn market capitalisation.

Tencent is one of five cornerstone investors for the offering. Asset management firm Oppenheimer will invest $500m, hedge fund Lansdowne Partners $300m, Darsana Capital Partners $200m and the state-backed China Structural Reform Fund $100m.

Meituan Dianping runs a mobile-focused platform that provides some 310 million monthly active users with access to a range of services including food delivery, ride hailing, event tickets, travel and accommodation booking.

The company has raised a total of $9.9bn in funding, including the capital secured separately by group buying service Meituan and local listings portal Dianping prior to their merger.

The company received $4bn of that sum in an October 2017 round led by Tencent that included travel services provider Priceline Group, valuing it at $30bn.

The Singapore government-backed GIC, Trustbridge Partners, Coatue Management, Sequoia Capital, Canada Pension Plan Investment Board, IDG Capital, Tiger Global Management and China-UAE Investment Cooperation Fund also participated in the 2017 round.

An investor in Dianping since 2014, Tencent is Meituan Dianping’s largest shareholder, with a 20.1% stake according to the IPO filing. It did not disclose the size of Priceline’s stake, but e-commerce group Alibaba holds 1.4% and smartphone maker Xiaomi 0.6%.

Sequoia Capital holds a 11.4% share in the company, Trustbridge Partners 3.6%, Coatue Management 3.2%, Tiger Global Management and Hillhouse Capital 3.1% each, DST Global 2.7% Capital Today 2.4% and GIC 1.8%.