By Swaraj Singh Dhanjal
The IPO will largely be an offer for sale by private equity investor Advent. ASK might raise a small amount of fresh capital for business expansion.
Smaaash will use the cash proceeds to fund its inorganic growth initiatives, repay part of its debt and for its working capital requirements.
This will be the second IPO by an Indian mutual fund after Reliance Nippon Asset Management.
The GGV Capital-backed company sold 118.7 million shares at HK$8.50 apiece which was the bottom end of the indicative range of HK$8.5-HK$11.5.
The group is working on a restructuring of its retail operations ahead of a possible IPO as soon as next year. Any share sale could raise at least $1 billion.
If successful, this will be one of the biggest U.S. floats by Chinese firms in four years.
The Uber CEO said he was more focused on generating positive cash flow than making the company profitable according to generally accepted accounting principles.
The seven IPOs are aimed at funding business expansion, working capital requirements and repayment of loans. They will also provide partial exits to shareholders, including private equity and venture capital investors.
Auditing lapses have caused several frauds to go unnoticed for years and the capital market regulator has had no direct control on the auditing firms.
In a statement, M17 Entertainment said it has notified the NYSE of its decision to withdraw the American depositary shares representing its ordinary shares from listing.