Rongta Technology (Xiamen) (HKG:9881) launched its initial public offering in Hong Kong Friday, seeking to raise up to HK$220.8 million from the deal.
The automatic identification and data capture company is offering up to 18.4 million shares expected to be priced between HK$10 and HK$12 per share, according to a Friday filing with the Hong Kong bourse.
Rongta expects to determine the IPO price on June 6 and disclose allocation results on June 9. Shares will begin trading on the stock exchange on June 10.
The technology company intends to use the proceeds to enhance research and development, boost production efficiency, widen its sales network, and fund working capital.
Rongta attracted Hongkong Linktech Technology, Hunan Dajing Power Technology Chief Executive Officer Cao Ke, Sinos Group, Main Achieve, and individual investors Lin Xiaojian, Li Shuhan, and Ng Chi Fat, as cornerstone investors.
Yue Xiu Securities, ABCI Capital, ABCI Securities, BOCI Asia, CCB International Capital, CMB International Capital, CMBC Securities, Huafu International Securities, Livermore Holdings, Patrons Securities, and Zhongtai International Securities are the joint bookrunners and lead managers of the IPO.
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