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Chery shares rise 11.2% after $1.2b IPO in Hong Kong
Chery Automobile’s shares rose 11.2% on their Hong Kong Stock Exchange debut on September 25 after raising US$1.2 billion in an IPO.
The Chinese carmaker, known for its Chery, Jetour, and iCAR brands, sold 297.4 million shares at HK$30.75 (US$3.94) each, the top of its indicated price range.
The IPO is the second-largest in Hong Kong so far this year.
Chery’s institutional tranche was oversubscribed 11.6 times, and the retail portion was 308 times covered, according to company filings.
Cornerstone investors bought US$587 million of the offering.
The company plans to allocate 35% of the proceeds to research and development for new passenger vehicles, and 25% to next-generation vehicle development over the next three years.
🔗 Source: Reuters
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