Jiangsu Lopal Tech (HKG:2465) raised HK$495 million in net proceeds from its Hong Kong initial public offering after pricing the shares below the midpoint of the indicative price range.
The Chinese automotive specialty chemicals company issued 100 million H-shares at HK$5.50 apiece, less than the HK$5.75 midpoint of the HK$4.50 to HK$7.00 price range, according to a Tuesday night disclosure.
The deal's Hong Kong or public offering portion was 3.99 times oversubscribed. The company maintained the allocation at 10 million shares as the oversubscription was less than 15 times.
The international or placing shares were 3.23 times oversubscribed, and the firm issued 90 million shares.
Jiangsu Lopal Tech will start trading on the Hong Kong bourse today, Oct. 30.
Price (HKD): $67.40, Change: $+0.19, Percent Change: +0.28%
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