Laopu Gold (HKG:6181) launched its initial public offering in Hong Kong on Thursday, seeking to raise as much as HK$787.8 million, according to a prospectus filed with the Hong Kong bourse.
The Chinese jewelry brand is offering about 19.5 million shares at HK$40.50 per share.
Laopu Gold secured Tencent Huang River, China Southern Asset Management, and CPE Greater China Enterprises Growth Fund as cornerstone investors, which committed to subscribe for $56 million worth of IPO shares.
According to the filing, the company will disclose the allocations on June 27 and start trading on the Hong Kong bourse on June 28.
Proceeds from the deal will be used to expand the brand and promote it internationally, increase brand awareness, and optimize the companyâs internal information technology network.
The joint book runners are China Securities International, CCB International, and BOCOM International.
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