China-headquartered Luxshare Precision Industry said on Tuesday it had priced its Hong Kong listing at the top end of its marketed range, raising about HK$24.27 billion ($3.09 billion).
The Shenzhen-listed Apple supplier said the offer price was determined at HK$63.28 per H-share, and would sell 383.5 million shares.
Luxshare wrote in its prospectus that the proceeds would be used to expand manufacturing capacity in automotive and consumer electronics, fund AI-driven factory upgrades, pursue acquisitions, repay debt and support working capital.
A significant portion of the proceeds will fund expansion of the company’s automotive electronics business, underscoring Luxshare‘s push beyond consumer electronics and deeper into the fast-growing intelligent vehicle supply chain.
The company said it expects to announce the level of investor demand for its international offering, as well as allocation results, on July 8.
Trading of its shares is expected to begin on the Hong Kong Stock Exchange at 9:00 a.m. local time on July 9.
Founded by Chinese billionaire Wang Laichun, Luxshare is one of Apple’s largest suppliers and manufactures electronic devices, including routers, wireless charging modules and video conferencing equipment.
Reuters
