CaoCao Inc. (HKG:2643) launched its initial public offering in Hong Kong that seeks to raise up to HK$1.85 billion, according to a Tuesday Hong Kong bourse filing.
The Geely-backed ride-hailing platform is offering up to 44,178,600 shares at a maximum offer price of HK$41.94 each, comprising 4,417,900 shares under the Hong Kong public offering and 39,760,700 shares under the international tranche
CaoCao secured six cornerstone investors, who committed to subscribe for a combined HK$951.6 million worth of IPO shares. These include Mercedes-Benz Mobility Services, Mirae Asset Securities, Infini Global Master Fund, Gotion High-Tech (HK), EVE Asia, and RoboSense Hong Kong.
The issuer expects to determine its offer price on June 24 and disclose the allocation results the same day. It will then start trading on the Hong Kong bourse on June 25, according to the filing.
Proceeds from the deal will be used for on auto solutions, vehicle expansion, and tech investment.
CICC, Huatai International, ABCI Capital, GF Securities, China Galaxy International, CEB International, BOCI Asia, Soochow Securities, are among the joint bookrunners.
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