BRIEF: Heavily oversubscribed Creality rises in Hong Kong debut
Shares of 3D printing company Shenzhen Creality 3D Technology Co. Ltd. (3388.HK) open up 80% in their Hong Kong debut on Friday, then later pared some of the gains to close at HK$25.62 by the midday break, up 36% from its offering price.
The company sold 73.43 million shares for HK$18.80 each, raising net proceeds of HK$1.27 billion ($163 million). The public offering for local Hong Kong investors was oversubscribed by more than 3,800 times, while the international placement was oversubscribed by 25.8 times. Fifteen cornerstone investors purchased 36.6 million shares, representing 49.9% of the total offering.
Approximately 30% of the proceeds will be used for R&D, about 25% will go to overseas operations, 25% will go to the development of global brand promotion and sales channels, and 10% will be used for investments and acquisitions.
The company’s revenue last year rose 36.7% to 3.13 billion yuan, while its loss totaled 182 million yuan.
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: Creality launches $177 million Hong Kong IPO
3388.HK - BRIEF: Heavily oversubscribed TenNor Therapeutics soars in trading debut
-
BRIEF: Huayan Robotics rises in heavily oversubscribed IPO
1021.HK
-
BRIEF: Manycore surges in trading debut for heavily oversubscribed IPO
0068.HK
-
BRIEF: Star Sports Medicine doubles in heavily oversubscribed IPO
1609.HK
- BRIEF: Sigenergy shares double in heavily oversubscribed IPO
