InnoScience (Suzhou) Technology Holding (HKG:2577) launched its initial public offering in Hong Kong Wednesday, seeking to raise as much as HK$1.53 billion.
The gallium-nitride-on-silicon wafer manufacturer is offering up to 45,364,000 H shares at an indicative price of HK$33.66 apiece, according to an early Wednesday filing.
InnoScience (Suzhou) Technology secured Jiangsu Mixed Ownership Reform Fund, STHK, Dongfang Chuanglian, and Suzhou High-end Equipment as cornerstone investors, which committed to subscribe for $100 million worth of IPO shares.
The issuer expects to determine the price on Dec. 24 and disclose the allocations on Dec. 27. It will then start trading on the Hong Kong bourse on Dec. 30.
Proceeds from the deal will be used to expand production capacity, for research and development, portfolio expansion, enhancement of global distribution network, working capital, and other general corporate purposes.
Jefferies, Citic Securities, Huatai International, BOCI, Longbridge, and several others are the joint book-runners of the IPO.
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