Autostreets Development Raises Almost HK$91 Million in Net Proceeds Ahead of Hong Kong IPO May 31 Debut

MT Newswires Live05-31

Autostreets Development (HKG:02443) raised HK$90.88 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 used vehicle transaction service provider issued 15 million shares at HK$10.2 apiece, the bottom end of its guidance of as high as HK$11.2 each, according to a Thursday disclosure.

The Hong Kong or public offering portion of the deal was 433.34 times oversubscribed, and the firm allocated an additional 1.5 million shares from the international offering, taking the number to 3 million shares for Hong Kong.

The international or placing shares were 0.98 times subscribed, and the firm issued 12 million shares.

Autostreets Development will debut on the Hong Kong bourse on Friday, May 31.

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