Chongqing Genori Technology (SHA:688797) activated its initial public offering clawback mechanism after receiving overwhelming demand during its online subscription phase on June 12, according to a Monday filing on the Shanghai bourse.
The semiconductor components company's initial public float consisted of 38,822,600 shares priced at 44.56 yuan apiece, placing the gross proceeds at 1.73 billion yuan.
The offering initially allocated 7,764,520 shares, or 20%, to strategic placements. After the strategic placement, 21,741,080 shares, or 70%, were offered to offline institutional investors, and 9,317,000 shares, or 30%, were offered to online public subscribers.
However, a total of 7,123,286 valid online accounts applied for 57,133,168,000 shares, oversubscribing the initial online tranche by about 6,132.14 times, triggering the clawback mechanism.
As a result, 3,106,000 shares were reallocated from offline investors to the online offering.