Shares of Horizon Robotics, a Chinese automotive solutions provider, surged 33.08% on its Hong Kong trading debut on Thursday, October 24, 2024. The company's strong market debut followed its successful initial public offering (IPO) on the Hong Kong Stock Exchange.
Horizon Robotics raised HK$5.14 billion (approximately $696 million) in net proceeds from its Hong Kong IPO after pricing its shares at the top end of the indicative range at HK$3.99 per share. The company's IPO was met with robust investor demand, with the public offering portion being oversubscribed by 33.83 times and the international offering oversubscribed by 13.81 times.
The strong investor interest and successful IPO pricing are believed to be the key factors driving Horizon Robotics' impressive stock performance on its listing day. The company's ability to raise a significant amount of capital through the IPO has likely boosted investor confidence in its growth prospects and future plans.
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