Red Avenue New Materials Nets HK$2.9 Billion in Hong Kong Listing

MT Newswires Live09-29

Red Avenue New Materials Group (HKG:9607, SHA:603650) is set to receive HK$2.9 billion in net proceeds from its Hong Kong initial public offering after pricing the shares at the maximum target.

The Chinese new materials and chemicals company priced 68.1 million H-shares at HK$44 apiece, according to a Monday bourse filing.

The Hong Kong public offering was 3.39 times subscribed, with 6.8 million shares allocated, while the international offering was 2.75 times subscribed, with 61.3 million shares allocated.

Cornerstone investors were allotted 22.6 million shares, representing 33.1% of the IPO shares.

Red Avenue is set to debut on the Hong Kong bourse Tuesday, Sept. 29.

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