Shanghai Biren Technology Raises HK$5.58 Billion from Hong Kong IPO Ahead of Debut

MT Newswires Live01-02

Shanghai Biren Technology (HKG:6082) raised HK$5.58 billion in gross proceeds from its Hong Kong initial public offering after pricing the shares at the upper limit of the indicative price range.

The firm issued 284,846,600 shares, including overallotments, at an offer price of HK$19.60 per share, the top end of its guidance of as low as HK$17 each, according to a Wednesday disclosure.

The Hong Kong or public offering portion of the deal was 2,347.53 times oversubscribed, prompting the fabless semiconductor design company to issue 49.5 million shares, above the 12.4 million shares initially allotted.

The additional shares were allocated from the international tranche of the IPO, which was 25.95 times oversubscribed. Following the full exercise of the overallotment option, which added 37.2 million shares, the company maintained the total offering size at 235.3 million shares.

Shanghai Biren Technology will debut on the Hong Kong bourse on Friday, Jan. 2.

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