Manycore Tech Raises HK$1.1 Billion From Hong Kong IPO Ahead of Debut
Manycore Tech (HKG:0068) raised HK$1.09 billion in net proceeds from its initial public offering in Hong Kong.The final offer price was set at HK$7.62 per share, the top end of the offer price range, according to a Thursday after-market filing with the Hong Kong Stock Exchange.The China-based cloud-native spatial design software provider offered 160.6 million shares in the global offering.The Hong Kong public offer was 1,590.56 times subscribed, with a final allocation of 16.1 million shares, representing 10% of the total offering.The international offering was 14.46 times subscribed, with a final allocation of 144.6 million shares, or 90% of the total offering.An over-allocation of 24.1 million shares was made under the global offering.Cornerstone investors, including Taikang Life Insurance, Sunshine Life Insurance, GF Fund Management, Redwood Elite, Mirae Asset Securities, and others, were allotted a combined 59.6 million shares, according to the filing.Manycore Tech is scheduled to debut on the Hong Kong bourse on Friday, April 17.