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Zhejiang Xinxing Tools' IPO Retail Tranche Oversubscribed 6,822 Times

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Zhejiang Xinxing Tools (SHE:301677) saw the retail portion of its Shenzhen ChiNext initial public offering oversubscribed 6,821.6 times, according to a Shenzhen Stock Exchange filing on Tuesday.

The retail online offering drew valid subscriptions totaling 74.35 billion shares from more than 14.2 million accounts, generating over 2.497 trillion yuan in retail capital demand.

Following the strategic placement and the clawback mechanism, the final online retail offering was set at 10.9 million shares, accounting for 48.2% of the IPO. The offline institutional portion accounted for 11.7 million shares, or 51.8% of the total.

An additional 2.38 million shares were allocated to an employee asset management plan.

The cutting tools manufacturer sold a total of 25 million shares at 33.58 yuan apiece in the IPO, generating gross proceeds of 839.5 million yuan.

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