Haiwei Electronic New Material Nets HK$452 Million from Hong Kong IPO Ahead of Trading Debut

MT Newswires Live11-28

Hebei Haiwei Electronic New Material Technology (HKG:9609) raised HK$451.8 million in net proceeds from its initial public offering in Hong Kong.

The Chinese capacitor film manufacturer priced its IPO at HK$14.28 per share, according to an after-market Hong Kong bourse filing on Thursday.

The Hong Kong public offer was 5,426.27 times oversubscribed, with the company offering 3,545,600 shares, up from 3,083,200 shares initially, after exercising the offer size adjustment option.

The international offering was 6.11 times subscribed, and Haiwei Electronic New Material increased the size of this component to 31,910,400 shares from 27,748,200 initially after the adjustment option was exercised.

Cornerstone investor Horizon Splendor was allotted 15,129,000 shares, or 42.67% of the offer shares, assuming the over allotment option was not exercised.

Haiwei Electronic New Material will make its trading debut on the Hong Kong bourse on Friday, Nov. 28.

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