Sun. Jul 14th, 2024

Shares of Alibaba-backed Robosense Expertise fell 2% on its Friday debut within the first new itemizing on the Hong Kong inventory change this yr.

Robosense, a Chinese language developer of laser imaging, detection and ranging (LiDAR) sensors for self-driving automobiles, introduced January that it had raised HK$985.12 million ($126.14 million) in its IPO by providing 22.9 million shares at HK$43 every.

Inventory Chart IconStock chart icon

About 20.61 million of the shares within the IPO have been initially allotted to the worldwide supply, which ended as much as be 1.28 instances subscribed.

In distinction, the general public supply acquired a cooler reception, with the preliminary providing of two.29 million shares solely 0.58 instances subscribed.

As such, 952,000 shares have been reallocated from the general public supply to the worldwide supply. One other 2.86 million shares have been additionally over-allocated to the worldwide supply, bringing it to 24.4 million shares.

The IPO’s cornerstone investor was state-owned enterprise Nanshan Strategic Rising Industries Funding, owned by the Nanshan district authorities.

Nanshan SEI will subscribe to 79.3% of the IPO shares, or about HK$781.2 million.

Most notably, the announcement additionally revealed that Cainiao, the logistics arm of tech large Alibaba, was Robosense’s largest pre-IPO shareholder, with a stake of 10.46%

In a Dec. 27 announcement, RoboSense stated it plans to make use of round 45% of the IPO web proceeds on analysis and growth and group enlargement, as a way to construct up its product pipeline.

One other 40% can be used to spice up the corporate’s gross sales and advertising efforts, whereas the remaining 15% can be used for basic working capital and exploring potential strategic partnerships or alliance alternatives.

Avatar photo

By Admin

Leave a Reply