Dmall Raises HK$624 Million in IPO Ahead of Hong Kong Trading Debut

MT Newswires Live12-06

Dmall (HKG:2586) raised about HK$623.7 million through an initial public offering in Hong Kong before Friday's debut.

The digital software firm offered about 25,774,000 shares at HK$30.21 apiece. The gross proceeds were about HK$778.6 million

A total of about 2.6 million shares were allotted to Hong Kong investors, which was 1.94 times oversubscribed, according to a Thursday filing.

The international or placing shares were 1.36 times oversubscribed, and the firm issued about 23.2 million shares.

DFI Development Holdings, a unit of DFI Retail Group (SGX:D01), is the cornerstone investor.

The retail digitalization company intends to use the proceeds to create new applications and service modules, expand talent acquisition, boost strategic investments, grow its sales and marketing efforts, and fund working capital, according to the company's prospectus issued previously.

Dmall will start trading on the Hong Kong bourse on Dec. 6.

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