Transwarp Technology Seeks Up to HK$855 Million in Hong Kong IPO
Transwarp Technology (Shanghai) (HKG:6727) launched its initial public offering on the Hong Kong bourse Friday, seeking to raise up to HK$854.7 million in gross proceeds.The artificial intelligence infrastructure software company is offering 14 million shares at a price band of HK$49 to HK$61 apiece, according to a prospectus filed Friday.The shares are expected to be priced on Sept. 17, while allocation results are expected to be disclosed Sept. 18. Shares will start trading on the main bourse on Sept. 21.Transwarp attracted IEIT Systems (SHE:000977) subsidiary Electronic Channel and Luoyang Science Technology Innovate as cornerstone investors.Net proceeds from the offering will be used to improve its research and development capabilities, expand its product catalog, boost its sales channels and branding, and fund investments and working capital.Haitong International Capital is the sole sponsor, while Haitong International Securities, Futu Securities International (Hong Kong), Shenwan Hongyuan Securities (H.K.), Webull Securities, BOCOM International Securities, Huafu International Securities, CMB International Capital, TFI Securities and Futures, SPDB International Capital, and First Securities (HK), are the overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers.
