Carote Prices Hong Kong IPO at Top of Range to Raise HK$693 Million

MT Newswires Live10-01

Carote (HKG:2549) priced its Hong Kong initial public offering Monday to raise HK$692.6 million in net proceeds.

The Chinese kitchenware manufacturer sold 129,864,500 shares at HK$5.78, the top of the offer price range of as low as HK$5.72.

The Hong Kong portion of the offering was oversubscribed 1347.27 times the 12,986,500 shares on offer. As a result of the oversubscription, the manufacturer reallocated 51,946,000 shares to the Hong Kong offering from the international offering, bringing the final number of offer shares to 64,932,500.

The international portion of the offering was oversubscribed 7.91 times the 116,878,000 shares on offer. Following the reallocation, the company issued 64,932,000 shares.

Cornerstone investors MPC VII and YSC Go (BVI) subscribed for 54,183,000 shares, or about 10.12% of the offering.

Shares will begin trading on the stock exchange on Oct. 2.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment