Excelland Robotics leaps in trading debut despite tepid international interest
Shares of robotics manufacturer Excelland Robotics (Wuxi) Co. Ltd. (3231.HK) opened 142% above their IPO price in their trading debut on Wednesday, and climbed through the morning session to end at HK$37.50 by the midday break, up 159%.
The company sold 45 million shares for HK$14.45 each, raising net proceeds of HK$577 million ($73.97 million). The public offering for local investors was 139 times oversubscribed. But the international placement, which typically goes mostly to global institutional investors, failed to be fully subscribed, with an overall subscription rate of about 94%. Two cornerstone investors subscribed to a total of 1.63 million shares, accounting for 3.63% of the total offering.
The company’s revenue last year rose 19% to 318 million yuan ($47.4 million), while its net loss for the period narrowed 27% year-over-year to 110 million yuan. In the first quarter of this year, its revenue increased 5.7% from a year earlier to 76.51 million yuan. However, the company still recorded a loss of 31.22 million yuan for the three-month period, up 20% year-over-year.
By Lau Chi Hang
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