Nsing Technologies (HKG:2701) launched its Hong Kong initial public offering on Friday, seeking to raise up to HK$1.03 billion from the deal.
The China-based integrated circuit design company is offering 95 million H-shares at a maximum price of HK$10.80 per share, according to a Hong Kong bourse filing.
The offering comprises 9.5 million shares for Hong Kong investors and 85.5 million shares for international investors, subject to reallocation.
The offer price is expected to be determined by March 19, with allocation results due March 20, ahead of the company's planned trading debut on the Hong Kong Stock Exchange on March 23.
Net proceeds will be used mainly for research and development, including building a new technology platform and developing next-generation chips such as high-performance MCUs and automotive-grade semiconductors.
Funds will also support upgrades to existing products, strategic investments or acquisitions across the semiconductor value chain, repayment of part of the group's bank loans, and working capital and general corporate purposes.
CLSA and BOCOM International Securities are serving as overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.
SPDB International Capital, Jinluo Securities, and Futu Securities International (Hong Kong) are also acting as joint bookrunners and joint lead managers.
CITIC Securities (Hong Kong) is acting as the sole sponsor.
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