Shares of Alibaba-backed Robosense Expertise fell 2% on its Friday debut within the first new itemizing on the Hong Kong inventory trade this 12 months.
Robosense, a Chinese language developer of laser imaging, detection and ranging (LiDAR) sensors for self-driving vehicles, introduced January that it had raised HK$985.12 million ($126.14 million) in its IPO by providing 22.9 million shares at HK$43 every.
About 20.61 million of the shares within the IPO have been initially allotted to the worldwide supply, which ended as much as be 1.28 instances subscribed.
In distinction, the general public supply acquired a cooler reception, with the preliminary providing of two.29 million shares solely 0.58 instances subscribed.
As such, 952,000 shares have been reallocated from the general public supply to the worldwide supply. One other 2.86 million shares have been additionally over-allocated to the worldwide supply, bringing it to 24.4 million shares.
The IPO’s cornerstone investor was state-owned enterprise Nanshan Strategic Rising Industries Funding, owned by the Nanshan district authorities.
Nanshan SEI will subscribe to 79.3% of the IPO shares, or about HK$781.2 million.
Most notably, the announcement additionally revealed that Cainiao, the logistics arm of tech large Alibaba, was Robosense’s largest pre-IPO shareholder, with a stake of 10.46%
In a Dec. 27 announcement, RoboSense mentioned it plans to make use of round 45% of the IPO internet proceeds on analysis and growth and staff growth, with a view to construct up its product pipeline.
One other 40% can be used to spice up the corporate’s gross sales and advertising efforts, whereas the remaining 15% can be used for basic working capital and exploring potential strategic partnerships or alliance alternatives.
