Zhonggan Communication Raises HK$151 Million in Hong Kong IPO

MT Newswires Live07-03

Zhonggan Communication (Group) Holdings (HKG:2545) raised about HK$151.3 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the upper limit of its indicative price range.

The telecommunication infrastructure provider issued 160 million shares at HK$1.25 apiece, the top end of its guidance of as low as HK$1.13 each, according to a Tuesday disclosure.

The deal's Hong Kong or public offering portion was 195.99x oversubscribed, prompting the company to issue 80 million shares, 64 million more than the allotted initially after reallocation from the international placing.

The international or placing shares were 1.50 times oversubscribed, and the firm issued 80 million shares.

Zhonggan Communication (Group) will start trading on the Hong Kong bourse on July 3.

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