Jiangsu Guofu Hydrogen Energy Equipment (HKG:2582) launched its initial public offering in Hong Kong, seeking to raise as much as HK$438 million.
The hydrogen energy equipment manufacturer is offering 6,000,000 H shares at HK$65 to HK$73 apiece.
Jiangsu Guofu Hydrogen Energy Equipment secured Yuechuang New Energy HK, Zhixin Qingzhuang, and Hongkong Frontier Tanzhonghe as cornerstone investors, which committed to subscribe for about HK$318 million worth of IPO shares.
The issuer expects to determine its offer price on Nov. 13 and disclose the allocations on Nov. 14. It will then start trading on the Hong Kong bourse on Nov. 15, according to a Thursday filing.
Proceeds from the deal will be used to expand production capacity, enhance R&D capabilities and technology updates, and meet general working capital needs.
Haitong, CITIC Securities, CCB International, China Securities International, and several others are the joint bookrunners of the IPO. Z
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