BRIEF: Ubtech to raise $400 million in share placement at 11.4% discount
Robotics maker Ubtech Robotics Corp. Ltd. (9880.HK) announcedon Tuesday that it plans to place 31.468 million new H-shares, representing 6.3% of its enlarged share capital. The shares will be priced at HK$98.80 each, representing an 11.4% discount to the previous closing price, raising HK$3.11 billion ($400 million).
The company said 75% of the proceeds will be used for investments in and acquisitions of upstream and downstream targets within its value chain, or to pursue industry consolidation or joint ventures. Another 15% will go to its business operations and development, with the remaining 10% earmarked for loan repayments.
Listed in 2023, Ubtech has completed five equity placements so far, raising a total of HK$4.3 billion. The latest offering would mark its sixth fundraising effort as a listed company. In July, the company raised HK$2.41 billion in its fifth placement, with HK$1.51 billion still unspent as of Nov. 24.
The company’s stock opened lower but later rebounded on Tuesday, closing up 0.54% at HK$112.1 by the midday break. The stock has roughly doubled this year.
By Lee Shih Ta
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