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Shanghai Top Numerical Control Nets HK$1.6 Billion Ahead of Hong Kong Debut

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Shanghai Top Numerical Control Technology (HKG:7688) raised HK$1.61 billion in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$26.39 per H-share, according to a Tuesday after-market filing with the Hong Kong Stock Exchange.

The China-based high-end intelligent manufacturing equipment company offered 65.3 million H-shares in the global offering.

The Hong Kong public offer was 3,764.63 times subscribed, with a final allocation of 6.5 million shares, representing 10% of the total offering.

The international offering was 30.46 times subscribed, with a final allocation of 58.8 million shares, or 90% of the total offering.

An over-allocation of 9.8 million shares was made under the global offering.

Cornerstone investors, including RBC Global Asset Management (Asia), 3W Fund Management, Boyu Capital Management, HHLR Advisors, and UBS Asset Management (Singapore), were allotted a combined 32.7 million shares, representing 50% of the global offering, according to the filing.

Shanghai Top Numerical Control Technology is set to debut on the Hong Kong bourse on Wednesday, May 20.

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