2 days ago
- Business
- South China Morning Post
Apple supplier Lens Technology joins Hong Kong IPO boom with US$608 million deal
Hong Kong's
initial public offering (IPO) boom continued on Monday as seven companies, including Apple supplier Lens Technology and chip designer Fortior, filed fresh listing applications, injecting renewed optimism into the
buoyant market
Precision manufacturer Lens Technology said it would raise as much as HK$4.77 billion (US$608 million) from its debut in the city, according to its stock exchange filing on Monday. The Shenzhen-listed firm is offering 262.3 million shares at HK$17.38 to HK$18.18 each.
Lens Technology planned to allocate 11 per cent of the base offering to Hong Kong investors, with the remainder going to international investors. If the offer size adjustment and overallotment options were exercised, the IPO gross proceeds could swell to HK$6.3 billion at the top end of the price range.
Investors can place orders from Monday to July 4, and trading was set to begin on July 9 under the stock code 6613, according to the company's proposed timetable. The company's Shenzhen-listed shares fell 0.3 per cent to 22 yuan (US$3.07) in recent trading.
The offering drew cornerstone investors including Green Better, Olympic Country, UBS Asset Management Singapore and Oaktree Capital. They agreed to subscribe for about US$280 million worth of the IPO shares. Citic Securities is the sole IPO sponsor.
Founded in 1993 in Shenzhen by chairwoman Chau Kwan Fei, Lens Technology is headquartered in Liuyang in China's central Hunan province, according to its website. Chau was expected to control 59.03 per cent of the company after the listing, according to the prospectus.
