CNGR Advanced Material Nets HK$3.4 Billion from Hong Kong IPO Ahead of Trading Debut

MT Newswires Live11-17

CNGR Advanced Material (SHE:300919, HKG:2579) raised HK$3.43 billion in net proceeds from its initial public offering in Hong Kong.

The new energy materials company set the final offer price of its IPO at HK$34.00, the bottom end of the price range of as high as HK$37.80, according to a filing with the Hong Kong bourse on Sunday.

The Hong Kong public offering was 27.90 times oversubscribed, and the company offered 10,422,600 shares, equivalent to 10% of the size of the global offering.

The international offer, on the other hand, was 4.08 times subscribed, with the company maintaining the final allocation at 93,802,800 shares as the initial size.

CNGR Advanced Material noted that it made an overallocation of 15,633,800 shares under the international offering.

The nine cornerstone investors were allotted 48,596,000 shares, or 46.63% of the total H-shares, following the global offering.

The company will make its trading debut on the Hong Kong bourse on Monday, Nov. 17.

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