Beijing Saimo Technology (HKG:2571) launched its initial public offering in Hong Kong, seeking to raise as much as HK$600 million.
The company designs and carries out R&D of ICV simulation testing and offers 33,333,400 H shares at HK$12.0 to HK$18.0 apiece.
Beijing Saimo secured China Mobile International as the cornerstone investor, which committed to subscribe for HK$148.5 million worth of IPO shares.
The issuer expects to determine its offer price on Jan. 13 and disclose the allocations on Jan. 14. It will then start trading on the Hong Kong bourse on Jan. 15, according to a Tuesday filing.
Proceeds from the deal will be used to enhance research and development capabilities, develop new ICV testing, validation, and evaluation solutions, penetration into new industries, geographic expansion of the sales and marketing efforts, and working capital and other general corporate purposes.
CEB International, Citic Securities, China Galaxy International, ICBC, and several others are the joint bookrunners of the IPO.
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