LINGYI ITECH launches HK IPO at HKD10.18 with 19 cornerstone investors

LINGYI ITECH (01688.HK) launched its Hong Kong IPO Tuesday, offering 812 million H shares at a maximum HKD10.18 each.

"The listing will strengthen our capital base to capture growing AI hardware demand," the company said in its prospectus. Guotai Haitong is the sole sponsor for the deal.

The global offering allocates 10% to the Hong Kong public tranche, or about 81.2 million shares, with the remaining 90% reserved for international investors. Each board lot comprises 660 shares, requiring a minimum application of HKD6,786.56. The subscription period runs through noon on June 23.

The IPO has drawn 19 cornerstone investors, including GF Fund, Kaide Global Investment, Qube, Ti-Capital Funds, Value Partners, SUNNY OPTICAL (02382.HK) and Taikang Life, committing approximately USD407 million in aggregate. Based on the maximum offer price, net proceeds from the global offering are expected to reach about HKD8.15 billion.

The pricing gives the company a market valuation that will be tested against sector peers when trading begins. First-day trading on the Main Board on June 26 will gauge institutional demand for AI hardware plays in Hong Kong's resurgent IPO market.

This article is for informational purposes only and does not constitute investment advice.