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Keytop Parking Launches HK$400 Million Hong Kong IPO

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Keytop Parking (HKG:2272) launched its Hong Kong initial public offering on Wednesday, seeking to raise about HK$399.9 million from the deal.

The Chinese smart parking space operator is offering 10.1 million H shares at HK$39.55 per share, according to a Hong Kong bourse filing.

The offering comprises 1 million shares for Hong Kong investors and 9.1 million shares for international investors, subject to reallocation and the overallotment option.

Allocation results are expected on June 25, ahead of the company's planned trading debut on June 26.

Net proceeds will be used primarily to advance the company's research and development efforts and enhance its technological capabilities.

The company also plans to use the funds to expand its parking facility and platform operations business, extend its marketing and service networks, explore overseas expansion opportunities, and for working capital and general corporate purposes.

CICC Hong Kong Securities, CMBC Securities, SDIC Securities (Hong Kong) and Skyvast Securities are acting as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.

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