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The corporate will promote 1.36 billion shares in a value vary of HK $3.73 to HK $3.99 ($0.51) every, in accordance with the corporate’s filings. (Picture: Bloomberg)
Chinese language autonomous driving agency Horizon Robotics is aiming to lift as much as $696 million in a Hong Kong preliminary public providing, as town’s listings market reveals indicators of renewed exercise after a virtually two-year stoop.
The corporate will promote 1.36 billion shares in a value vary of HK $3.73 to HK $3.99 ($0.51) every, in accordance with the corporate’s filings.
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If profitable, the IPO would be the largest in Hong Kong in 2024, eclipsing China Assets Beverage which started book-building on Tuesday for its as much as $650 million itemizing.
Earlier than Horizon Robotics and China Assets Beverage, Hong Kong’s IPO volumes had fallen to multi-year lows as Chinese language regulators maintain again approvals from mainland firms trying to increase capital offshore.
Cornerstone traders have subscribed for $219.8 million of Horizon Robotics inventory led by Alisoft China and Baidu, which have bid for $50 million every, the filings confirmed.
Horizon Robotics manufactures superior driver help programs and autonomous driving options for passenger autos in China. Volkswagen has a small stake within the firm.
Horizon Robotics will set the ultimate value for the IPO on Oct. 21 and the shares will begin buying and selling on the Hong Kong Inventory Trade on Oct. 24, the filings confirmed.
The corporate mentioned it might use 70per cent of the proceeds raised within the IPO on analysis and improvement spending over the subsequent 5 years, whereas an extra 10per cent could be spent on gross sales and advertising and marketing.
First Revealed: Oct 16 2024 | 11:45 AM IST
