New Vision Automotive Electronics Nets HK$649.7 Million From Hong Kong IPO Ahead of Debut

MT Newswires Live03-24

Jiangsu New Vision Automotive Electronics (HKG:2632) raised HK$649.7 million in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$44.20 per H-share, according to a Monday after-market filing with the Hong Kong Stock Exchange.

The Chinese automotive electronics supplier offered 16.2 million H-shares in the global offering.

The Hong Kong public offer was 68.89 times subscribed, with a final allocation of 1.6 million shares, representing 10% of the total offering.

The international offering was 1.34 times subscribed, with a final allocation of 14.6 million shares, or 90% of the total offering.

Cornerstone investors, including Yingke No. 1 (Hongkong) and Hongkong High Tech Industrial (Beijing) Development Investment, were allotted a combined 2.5 million shares, representing 15.33% of the global offering, according to the filing.

New Vision Automotive Electronics is scheduled to debut on the Hong Kong bourse on Tuesday, March 24.

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