BRIEF: Manycore surges in trading debut for heavily oversubscribed IPO
Shares of virtual interior design company Manycore Tech Inc. (0068.HK) surged on their first trading day in Hong Kong on Friday, rising 144% to close at HK$18.60, up 144% from its offer price of HK$7.62.
The company said it sold 160.6 million shares, raising net proceeds of HK$1.09 billion ($140 million). The Hong Kong public offering for local investors was oversubscribed by more than 1,590 times, while the international offering was 14 times subscribed. Nine cornerstone investors, including Taikang Life Insurance and Sunshine Life Insurance, collectively purchased 59.65 million shares, or 37.14% of the total shares on offer.
Manycore provides cloud-native spatial design software used in residential, office, retail and commercial settings. By revenue, it held 23.2% of that market in 2024. The company’s revenue reached 820 million yuan ($120 million) last year, up 8.6% year-over-year. But it still recorded a loss of about 428 million yuan for the year, narrowing 16.7% from 2024.
By Lau Chi Hang
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