By Scott Murdoch and Donny Kwok
SYDNEY (Reuters) -Shares of Horizon Robotics soared 28.3% in its buying and selling debut on Thursday after the Chinese language autonomous car maker raised $696 million on this 12 months’s largest preliminary public providing (IPO) in Hong Kong.
The corporate offered 1.355 billion shares at HK$3.99 every, in keeping with the corporate’s filings.
The inventory started buying and selling at HK$5.12 every, whereas the was down 0.9% early within the session on Thursday. It was essentially the most actively traded inventory by turnover in early commerce.
Horizon Robotics’ deal eclipsed the one by China Assets Beverage, which final week finalised its $650 million new share sale. It is usually the biggest tech sector IPO in Hong Kong since SenseTime Group raised $740 million in late 2021.
Horizon Robotics’ shares surged, following China Assets Beverage gaining 15% on its debut in Hong Kong on Wednesday.
The optimistic performances will give dealmakers hope the adverse sentiment in direction of Hong Kong IPOs previously two years as the results of unstable monetary markets and globally excessive rates of interest is beginning to ease.
New share sale volumes in Hong Kong, forward of China Assets Beverage and Horizon Robotics, had been on the lowest degree in 20 years, in keeping with Dealogic knowledge.
Retail buyers bid for almost 34 occasions the quantity of inventory on supply in Horizon Robotics’ IPO whereas the institutional portion was 14 occasions lined, in keeping with the corporate’s filings.
Horizon Robotics had an implied market capitalisation of $6.7 billion from the IPO, in keeping with its filings.
