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Mech-Mind Robotics Nets HK$2.2 Billion in Hong Kong IPO

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Mech-Mind Robotics (HKG:9615) raised HK$2.20 billion in net proceeds from its initial public offering in Hong Kong after pricing the shares at the upper limit of the indicative range.

The final offer price was set at HK$101.70 per H-share, the top end of its guidance of as low as HK$95.30 each, according to a Monday after-market filing with the Hong Kong Exchange.

The Chinese robotics technology company offered 23.1 million H-shares in the global offering.

The Hong Kong public offer was oversubscribed 3,835.36 times, triggering a clawback that increased the allocation to 4.62 million shares from the initial 1.16 million.

The international offering was 13.39 times subscribed, with the final allocation reduced to 18.5 million shares from the initial 21.9 million.

An over-allocation of 3.5 million shares was made under the global offering.

Cornerstone investors were allotted a combined 14.4 million shares, representing 62.02% of the IPO shares, according to the filing.

Mech-Mind Robotics is scheduled to debut on the Hong Kong bourse on Tuesday, Sept. 1.

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