Jiangsu Lopal Tech (HKG:2465) launched its initial public offering in Hong Kong, seeking to raise as much as HK$700 million.
The lubricants manufacturer offers 100 million shares at HK$4.50 to HK$7.0 apiece, according to a Tuesday filing on the Hong Kong bourse.
Jiangsu Lopal Tech secured Harvest Oriental as a cornerstone investor, which committed to subscribe for 20 million IPO shares.
The issuer expects to determine its offer price on Oct. 28 and disclose the allocations on Oct. 29. It will then start trading on the Hong Kong bourse on Oct. 30, according to the filing.
Proceeds from the deal will be used for the construction and associated expenses of Phase II of its Indonesian plant, new LMFP production lines at Xiangyang Plant in Hubei Province, retirement of interest-bearing debt, and for working capital needs, the filing said.
BOCI, CCB International, ABC International, and several others are the joint bookrunners of the IPO.
Price (HKD): $2738.40, Change: $-0.50, Percent Change: -0.02%
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