BRIEF: Ubtech makes third post-IPO share placement at 20% discount
Robot manufacturer Ubtech Robotics Corp. Ltd. (9880.HK) announced on Wednesday that it will place 7 million new shares, raising net proceeds of HK$552 million ($71 million). The placement price of HK$83.88 per share represents a discount of nearly 20% from the stock’s HK$104.80 closing price the day before the announcement.
Proceeds from the placement will be used for the company’s business operations and development, as well as for loan repayment. The company also said the placement will expand its shareholder and capital bases.
Ubtech listed in Hong Kong last December and has now made three additional share placements. In August, it placed 1.42 million shares at HK$92 per share, raising HK$122 million. On Oct. 23 it placed another 5 million shares at HK$86.18, raising net proceeds of about HK$400 million. The latest placement means the company has raised more than HK$1 billion through such placements since its IPO.
By Lau Chi Hang
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