EACON Group Seeks Up to HK$2.23 Billion in Hong Kong IPO
EACON Group (HKG:7687) launched its Hong Kong initial public offering on Monday, seeking to raise up to HK$2.23 billion.The Chinese autonomous mining transportation company is offering 27.4 million H-shares at an indicative price range of HK$81.16 to HK$87.92 per share, according to a Hong Kong bourse filing.The offering comprises 2.61 million shares for Hong Kong investors and 23.52 million shares for international investors, subject to reallocation and the overallotment option.The offer price is expected to be determined by July 6, with allocation results due by July 7, ahead of the company's planned trading debut on July 8.Net proceeds will be used to enhance the company's hardware and software technological capabilities and expand the business.The company secured 11 cornerstone investors who committed to purchasing up to $146 million worth of IPO shares.Haitong International Securities, Macquarie Capital, CLSA, Mizuho Securities Asia, CMB International Capital, China Industrial Securities International Capital, Futu Securities International, and Tiger Brokers (HK) Global are serving as the underwriters for the offering.
