EDA Group Raises HK$192 Million in Hong Kong IPO

MT Newswires Live05-28

EDA Group Holdings (HKG:2505) raised HK$192.2 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the bottom of the indicative price range.

The Chinese supply chain services provider issued 97,625,000 shares at HK$2.28 apiece, the bottom end of its guidance of as high as HK$3.06 each, according to a late Monday disclosure.

The deal's Hong Kong public offering portion was 103.4 times oversubscribed, prompting the firm to issue 14.8 million shares, up from the 9.76 million shares initially allotted.

The international placing portion was 0.98 times oversubscribed, and the firm issued 82.7 million shares.

The company secured two cornerstone investors that subscribed to a combined 22.7% of shares in the IPO.

EDA Group will debut on the Hong Kong bourse today, May 28.

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