Shares of Alibaba-backed Robosense Technological know-how fell 2% on its Friday debut in the very first new listing on the Hong Kong inventory exchange this 12 months.
Robosense, a Chinese developer of laser imaging, detection and ranging (LiDAR) sensors for self-driving cars and trucks, declared January that it had elevated HK$985.12 million ($126.14 million) in its IPO by supplying 22.9 million shares at HK$43 every.
About 20.61 million of the shares in the IPO had been at first allocated to the global present, which ended up to be 1.28 situations subscribed.
In distinction, the community give acquired a cooler reception, with the preliminary providing of 2.29 million shares only .58 occasions subscribed.
As these kinds of, 952,000 shares have been reallocated from the public give to the worldwide offer. Another 2.86 million shares were being also in excess of-allocated to the intercontinental offer, bringing it to 24.4 million shares.
The IPO’s cornerstone investor was condition-owned enterprise Nanshan Strategic Emerging Industries Financial investment, owned by the Nanshan district governing administration.
Nanshan SEI will subscribe to 79.3% of the IPO shares, or about HK$781.2 million.
Most notably, the announcement also disclosed that Cainiao, the logistics arm of tech huge Alibaba, was Robosense’s largest pre-IPO shareholder, with a stake of 10.46%
In a Dec. 27 announcement, RoboSense explained it strategies to use close to 45% of the IPO web proceeds on study and growth and crew expansion, in purchase to build up its solution pipeline.
A further 40% will be used to increase the firm’s sales and advertising initiatives, whilst the remaining 15% will be employed for standard functioning money and exploring opportunity strategic partnerships or alliance prospects.