CiDi Inc. (HKG:3881) launched its initial public offering in Hong Kong on Thursday, aiming to raise as much as HK$1.42 billion from the deal.
The intelligent driving products provider to commercial vehicles in China is offering as many as 5,407,980 shares at an indicative price of HK$263.00, according to an early Thursday morning filing with the Hong Kong Stock Exchange.
Allocation results will be disclosed on Dec. 18, ahead of the company's trading debut on the bourse on Dec. 19.
CiDi attracted Hunan Xiangjiang Zhicheng Industrial Investment Fund Partnership, Nanning Zhijia No. 1 Ruiyue Equity Investment Partnership, ICBC UBS Asset Management, ICBC UBS Asset Management (International), and Qianhai Kaiyuan Qunwei QDII Single Asset Management Plan as cornerstone investors, which agreed to subscribe to HK$546.1 million of the shares on offer.
Net proceeds of approximately HK$1.31 billion will be allocated primarily for research and development, to improve its commercialization capabilities in China and overseas and further bolster its cooperation with domestic and global customers, and for potential investment, and merger and acquisition opportunities.
China International Capital Corporation Hong Kong Securities, China Securities (International) Corporate Finance, and Ping An of China Capital (Hong Kong) were tapped as joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers of the deal.
ABCI Capital, Funde Securities, Guosen Securities (HK) Brokerage, ICBC International Securities, China Everbright Securities (HK), Winbull Securities International (Hong Kong), Livermore Holdings, Shenwan Hongyuan Securities, Tiger Brokers (HK) Global also participate as joint bookrunners and joint lead managers.
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