Sigenergy Technology, a Chinese energy storage systems maker, surged as much as 85% in its Hong Kong market debut on Thursday after raising HK$4.4 billion ($562 million) in an initial public offering.
The shares opened 79.2% higher at HK$581 per share versus a HK$324.20 listing price, and climbed further to as high asHK$598 before last trading at around HK$570.
The Shanghai-based company sold 13.57 million shares atHK$324.20 each, according to its prospectus. The public offering was 1,102.05 times subscribed, while the international offering was 31.2 times subscribed, a filing on Thursday showed.
Sigenergy develops and manufactures smart energy storage systems, including battery products, inverters and energy management software, serving residential and commercial customers as demand for clean energy solutions rises.
It plans to use the listing proceeds for research and development, marketing and after-sales services, production expansion, broader commercial and industrial energy storage offerings, and working capital.
Cornerstone investors included Aranda, Goldman Sachs Asset Management, Hillhouse, UBS Asset Management, AXA IM, CPE Energy and Barings.
Joint sponsors were CITIC Securities and BNP Paribas, with CICC also on the deal, its prospectus showed. * The deal adds to a busy Hong Kong new listings market. Victory Giant is due to debut on Tuesday of next week, followed by Huaqin Technology on Thursday.
($1 = 7.8327 Hong Kong dollars)
Reuters
