Black Sesame International Raises HK$951 Million in Hong Kong IPO Ahead of Thursday Debut

MT Newswires Live08-08

Black Sesame International Holding (HKG:2533) raised HK$950.8 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the bottom of the indicative price range.

The car chip designer issued 37,000,000 shares at HK$28.0 apiece, the bottom end of its guidance of as high as HK$30.30 per share, according to a late Wednesday night disclosure.

The Hong Kong or public offering portion of the deal was 2.52 times oversubscribed, with the firm maintaining the allocation at 1,850,000 shares.

The international or placing shares were 1.05 times oversubscribed, and the firm issued 35,150,000 shares.

Black Sesame secured two cornerstone investors Gardex Development and Joyson Electronic USA, who combined to acquire about 7.38% of the shares on offer.

Black Sesame International will debut on the Hong Kong bourse on Thursday, Aug. 8.

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