Shares of Horizon Robotics, a Chinese automotive solutions provider, skyrocketed 36.84% on their Hong Kong trading debut on Thursday, October 24th, 2024. The company's stellar market debut followed its successful $696 million initial public offering (IPO) on the Hong Kong Stock Exchange.
Horizon Robotics priced its IPO at the top end of the indicative range, issuing 1.355 billion shares at HK$3.99 each. The offering attracted strong investor demand, with the public offering portion oversubscribed by 33.83 times and the international offering oversubscribed by 13.81 times.
The company's ability to raise a significant amount of capital through the IPO and the robust investor appetite for its shares are believed to be the key factors driving the exceptional stock performance on its listing day. Horizon Robotics' successful IPO pricing and the buoyant investor sentiment surrounding the company's growth prospects fueled the surge in its stock price.
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