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GK Pretech IPO Triggers Clawback Mechanism

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GK Pretech (SHA:688835) said its initial public offering triggered a clawback mechanism due to strong demand, shifting an additional 2 million shares to online issuance.

The IPO's valid online subscriptions reached 41.4 billion shares from over 8.1 million accounts, according to a weekend filing with the Shanghai Stock Exchange.

Following the activation of the clawback mechanism, the final online issuance will represent 40% of the total offering while the offline issuance will represent 60%.

GK Pretech seeks to raise up to 1.53 billion yuan via the IPO of 25.0 million shares at 61.36 yuan apiece.

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