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Mech-Mind Robotics Technologies (HKG:9615) launched its Hong Kong initial public offering on Aug. 24, seeking to raise up to HK$2.35 billion.
The China-based robotics company is offering 23.1 million H shares at an indicative price range of HK$95.30 to HK$101.70 each, according to a Hong Kong bourse filing.
The offering comprises 1.2 million shares for Hong Kong investors and 22 million shares for international investors, subject to reallocation and the overallotment option.
The offer price is expected to be determined by Aug. 28, with allocation results due by Aug. 31, ahead of the company's planned trading debut on Sept. 1.
Net proceeds will be used mainly to fund R&D and expand the company's product portfolio and application scenarios.
The company also plans to expand its global presence and accelerate commercialization, increase production capacity, and improve operational efficiency, with the remainder allocated to working capital and general corporate purposes.
The IPO has nine cornerstone investors, including Baillie Gifford, Taikang Life, Invus, Jane Street and Ghisallo, which have committed to subscribe for a combined $186 million worth of shares.
China Securities (International) Corporate Finance and CITIC Securities (Hong Kong) are acting as joint sponsors, with China Securities (International) Corporate Finance and CLSA serving as sponsor-overall coordinators, overall coordinators and joint global coordinators.
Daiwa Capital Markets and Macquarie Capital are also among the overall coordinators, while Futu Securities and Tiger Brokers are joint bookrunners and capital market intermediaries.