Anhui Conch Material Technology (HKG:2560) raised HK$395.9 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the bottom of the indicative price range.
The cement and concrete admixtures producer issued 144,974,000 H shares at HK$3.00 apiece, the bottom end of its guidance of as high as HK$3.30 each, according to a Wednesday disclosure.
The deal's Hong Kong or public offering portion was 25.83 times oversubscribed, with the firm reallocating 28,995,000 shares from the international placing, taking the total shares on offer in Hong Kong to 43,493,000.
The international or placing shares were 1.04 times subscribed, and the firm issued 101,481,000 shares.
Anhui Conch Material Technology secured six cornerstone investors that subscribed for 69.92% of the shares in the IPO.
Anhui Conch Material Technology will debut on the Hong Kong bourse on Thursday, Jan. 9.
