BRIEF: Ubtech makes fifth share placement since IPO
Robotics maker Ubtech Robotics Corp. Ltd. (9880.HK) said on Tuesday it would place 30.16 million new shares at HK$82 apiece, representing a 9.1% discount to Monday’s close and diluting its outstanding shares by 6.4%.
The company will use net proceeds of approximately HK$2.41 billion ($307 million) from the placement for operations and growth initiatives, and repayment of money borrowed under its various credit facilities.
Utebch has regularly tapped the capital markets for new funds since its listing in December 2023. It raised a combined HK$1.9 billion in four previous placements, lifting its cumulative fundraising to HK$4.3 billion with the latest offering.
Shares of Ubtech opened down 3.6% on Tuesday and continued to fall during the day, finishing down 5.7% at HK$85.10.
By Lau Chi Hang
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