BRIEF: Cidi stumbles in Hong Kong trading debut

3881.HK

Shares of autonomous mining truck maker Cidi Inc. (3881.HK) opened flat in their Hong Kong trading debut on Friday, then edged down to close 8.4% below their offer price at HK$260 by the midday break.

The company sold 5.4 million shares for HK$263 apiece, raising net proceeds of HK$1.31billion ($190 million). The public portion of the offering for local investors was oversubscribed by 21.6 times, while the international placement was slightly oversubscribed.

Cidi secured commitments from five cornerstone investors, who collectively agreed to buy 2.08 million shares, or 38.4% of those being offered.

By Lau Chi Hang

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