Qiniu Raises HK$367 Million in Hong Kong IPO Ahead of Wednesday Debut

MT Newswires Live2024-10-16

Qiniu (HKG:2567) raised HK$367.2 million in net proceeds from its Hong Kong initial public offering after pricing the shares just above the lower end of the indicative price range.

The cloud and data services company issued 159,750,000 shares at HK$2.75 apiece, slightly higher than the bottom end of the HK$2.74 to HK$2.86 guidance, according to a Tuesday disclosure.

The Hong Kong or public offering portion of the deal was 19.87 times oversubscribed, leading the company to reallocate 31,950,000 shares from the international offering, taking the total shares for this component to 47,925,000 shares.

The international or placing shares were 1.02 times oversubscribed, and the firm issued about 111,825,000 shares.

Woseon is the cornerstone investor, with 63.9 million shares allocated to them.

Qiniu will start trading on the Hong Kong bourse Wednesday, Oct. 16.

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