Gpixel Changchun Microelectronics Nets HK$2.5 Billion in Hong Kong IPO Ahead of Debut
Gpixel Changchun Microelectronics (HKG:3277) raised HK$2.50 billion in net proceeds from its initial public offering in Hong Kong.The offer price was set at HK$39.88 per H-share, according to a Thursday after-market filing with the Hong Kong Stock Exchange.The Chinese semiconductor company offered 65.3 million H-shares in the global offering.The Hong Kong public offer was 1,138.21 times subscribed, with a final allocation of 6.5 million shares, representing 10% of the total offering.The international offering was 22.69 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 international tranche.Cornerstone investors, including CPE Peepal Investment, HHLR Advisors, UBS Asset Management (Singapore), Arc Avenue Asset Management, Boyu Capital, and others, were allotted a combined 32.6 million shares, according to the filing.Gpixel Changchun Microelectronics is scheduled to debut on the Hong Kong bourse on Friday, April 17.