Carote (HKG:2549) priced its Hong Kong initial public offering Monday to raise HK$692.6 million in net proceeds.
The Chinese kitchenware manufacturer sold 129,864,500 shares at HK$5.78, the top of the offer price range of as low as HK$5.72.
The Hong Kong portion of the offering was oversubscribed 1347.27 times the 12,986,500 shares on offer. As a result of the oversubscription, the manufacturer reallocated 51,946,000 shares to the Hong Kong offering from the international offering, bringing the final number of offer shares to 64,932,500.
The international portion of the offering was oversubscribed 7.91 times the 116,878,000 shares on offer. Following the reallocation, the company issued 64,932,000 shares.
Cornerstone investors MPC VII and YSC Go (BVI) subscribed for 54,183,000 shares, or about 10.12% of the offering.
Shares will begin trading on the stock exchange on Oct. 2.
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