Guming Holdings (HKG:1364) raised HK$1.72 billion in net proceeds from its Hong Kong initial public offering after pricing the shares at the upper limit of its indicative price range.
The China-based firm, which mainly produces and sells ready-made beverages, issued 182,403,600 shares at HK$9.94 apiece, the top end of its guidance of as low as HK$8.68 each, according to a Tuesday disclosure.
The deal's Hong Kong or public offering portion was 194.87x oversubscribed, prompting the company to issue 79.3 million shares, more than the 15.9 million allotted, after the reallocation of shares from the international offering.
The international or placing shares were 15.03x oversubscribed, and the firm issued 103.1 million shares.
Guming Holdings will start trading on the Hong Kong bourse today, Feb. 12.
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