Dajin Heavy Industry (HKG:1081, SHE:002487) launched its Hong Kong initial public offering on Thursday, seeking to raise up to about HK$5.77 billion from the deal.
The China-based offshore wind power equipment provider is offering 87 million shares at an indicative maximum price of HK$66.40 per share, according to a Hong Kong bourse filing.
The offering comprises 8.7 million shares for Hong Kong investors and 78.3 million shares for international investors, subject to reallocation, the offer size adjustment option, and the over-allotment option.
The offer price is expected to be determined by June 3, with allocation results due by June 4, ahead of the company's planned trading debut on June 5.
Net proceeds will be used mainly to enhance the company's integrated deep-sea solutions and support the construction of an assembly base in Europe.
The funds will also be used for research and development, expansion into new overseas markets, and working capital and general corporate purposes.
Huatai Financial (Hong Kong) and China Merchants Securities (HK) are acting as joint sponsors, joint sponsor-overall coordinators, and overall coordinators.
They are also serving as joint global coordinators, joint bookrunners and joint lead managers alongside China International Capital Corporation Hong Kong Securities, Ping An Securities (Hong Kong) and CCB International Capital.