Transwarp launches $109 million IPO
AI infrastructure software provider Transwarp Technology (Shanghai) Co. Ltd. (6727.HK) launched its public offering on Friday, aiming to sell about 14 million shares for HK$49 to HK$61 apiece. The listing would raise up to HK$850 million ($109 million) at the top of that range, with the subscriptions closing on Sept. 16 and a trading debut set for Sept. 21.
Transwarp supplies corporate and government clients with AI and big data infrastructure software products and related services. Measured by revenue, the company is China’s fifth-largest provider of AI infrastructure software, capturing 2.7% of the market last year. It currently serves more than 1,800 clients.
The company generated 447 million yuan ($66.6 million) in revenue last year, up 20.6% from a year earlier, though it still posted a loss of 245 million yuan. Its revenue climbed 26.5% year-over-year in the first quarter of this year to 81.24 million yuan, as its loss for the period narrowed by 33% to 56 million yuan.
By Lau Chi Hang
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