XJ Electrics (HKG:2619) launched its initial public offering in Hong Kong that seeks to raise up to HK$228.5 million, according to a Tuesday Hong Kong bourse filing.
The lifestyle household goods manufacturer is offering 68.2 million shares at HK$2.86 to HK$3.35 apiece.
XJ Electrics secured three cornerstone investors -- Shunjie Investment, Xinghuang Holdings, and Yunxing Technology -- which committed to subscribe to 80 million yuan worth of IPO shares.
The issuer expects to determine its offer price on June 23 and disclose the allocations on June 24. It will then start trading on the Hong Kong bourse on June 25, the filing showed.
Proceeds from the deal will be used to set up a new factory in Thailand, increase automation and digitalisation, establish an R&D center, and for general working capital.
ABCI Capital, ABCI Securities, CMBC Securities, CMB International Capital, First Fidelity Capital, Uzen Securities, and Valuable Capital are the joint bookrunners of the IPO.
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