BRIEF: GigaDevice springs in Hong Kong trading debut
Shares of integrated circuit (IC) designer GigaDevice Semiconductor Inc. (0501.HK) opened up 45% at HK$235 in their Hong Kong trading debut on Tuesday, and held on to most of the gains to close up 40% at HK$226.80 by the midday break.
The company sold 28.92 million shares for HK$162 apiece, raising net proceeds of HK$4.61 billion ($591 million). The public portion of the offering for Hong Kong investors was oversubscribed by 541 times, while the international placement was 17.5 times oversubscribed. Eighteen cornerstone investors purchased 14.39 million shares, representing 49.8% of the offering.
GigaDevice designs a wide range of chips, including flash memory, niche dynamic random access memory (DRAM), microcontroller units (MCU), analog chips and sensor chips.
The company reported its revenue rose 15% year-on-year to 4.15 billion yuan ($595 million) in the first half of last year, while its profit rose 11.3% to 575 million yuan.
By Lau Chi Hang
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