Sunmi Technology (HKG:6810) launched its Hong Kong initial public offering on Tuesday, seeking to raise about HK$1.06 billion from the deal.
The China-based business IoT services provider is offering 42.6 million H-shares at an offer price of HK$24.86 per share, according to a Hong Kong bourse filing.
The offering comprises 4.3 million shares for Hong Kong investors and 38.4 million shares for international investors, subject to reallocation.
The allocation results will be disclosed April 28, ahead of the company's planned trading debut on April 29.
Net proceeds will be used mainly for research and development of BIoT hardware and software, strengthening supply chain and manufacturing capabilities, and expanding global markets.
The funds will also support AI-related development, platform upgrades, overseas production expansion, and working capital and general corporate purposes.
Deutsche Securities Asia, CITIC Securities (Hong Kong), and ABCI Capital are acting as joint sponsors.
Deutsche Bank, CLSA, ABCI Capital, and CMB International Capital are also acting as joint bookrunners, together with Shenwan Hongyuan Securities (H.K.) and Yue Xiu Securities.
Other bookrunners include Yellow River Securities, Tiger Brokers (HK) Global, Futu Securities International (Hong Kong), Tianda Securities, Webull Securities, Yuen Meta (International) Securities, West Bull Securities, and Livermore.
Deutsche Bank, CLSA, ABCI Securities, and CMB International Capital are acting as joint lead managers.