Alibaba-backed stocks Sagitar Sensing Technology As a new stock listed on the Hong Kong Stock Exchange for the first time this year, the stock fell 2% on its first day on Friday.
Robosense is a Chinese developer of laser imaging, detection and ranging (LiDAR) sensors for autonomous vehicles. announced in january The company raised HK$985.12 million (US$126.14 million) in the IPO by issuing 22.9 million shares at HK$43 each.
Approximately 20.61 million shares of this IPO were initially allocated to the international offering, and the final subscription ratio was 1.28 times.
In comparison, the response to this public offering was relatively lukewarm, with an initial offering of 2.29 million shares and a subscription rate of only 0.58 times.
As a result, 952,000 shares were reallocated from the public offer to the international offer. A further 2.86 million shares were also over-allocated to the international offering, bringing it to 24.4 million shares.
The cornerstone investors of this IPO are state-owned enterprises Nanshan strategic emerging industry investmentaffiliated to the Nanshan District Government.
Nanshan SEI will subscribe for 79.3% of the IPO shares, approximately HK$781.2 million.
Most notably, the announcement also revealed that the tech giant’s logistics arm has a rookie Alibabawas the largest shareholder of Robosense before its listing, holding 10.46% of the shares.
in a Announcement on December 27RoboSense said it plans to use about 45% of the net proceeds from the IPO for research and development and team expansion to build its product line.
Another 40% will be used to promote the company’s sales and marketing efforts, and the remaining 15% will be used for general working capital and exploring potential strategic partnership or alliance opportunities.
Svlook
