BRIEF: Fibocom to raise up to $373 million in Hong Kong IPO
Wireless communication module maker Fibocom Wireless Inc. (0638.HK, 300638.SZ) launched its Hong Kong IPO on Tuesday, aiming to sell 135 million shares for HK$19.88 to HK$21.50 each to raise up to HK$2.9 billion ($373 million). Shares will be sold in lots of 200, requiring a minimum investment of HK$4,343. Subscriptions will close on Friday, with trading set to begin next Wednesday.
The company reported profits from continuing operations of 377 million yuan in 2023 and 420 million yuan in 2024. Its profit on that basis in the first four months of this year rose 14.6% year-on-year to 160 million yuan, primarily attributable to growing sales of modules and solutions.
The company plans to use 55 of the IPO proceeds for product development, with planned initiatives to include products leveraging AI and robotic technologies. Around 15% is slated for development of manufacturing facilities in Shenzhen. Another 10% will be used to repay bank borrowings, with an equivalent amount directed toward strategic investments.
By Lau Chi Hang
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