Anhui Conch Material Technology (HKG:2560) launched its initial public offering in Hong Kong on Tuesday, seeking to raise as much as HK$478.4 million.
The cement and construction materials producer and seller is offering 144,974,000 H shares at HK$3 to HK$3.3 apiece.
Anhui Conch Material Technology secured Gotion High-tech (SHE:002074), Anhui Shengchang Chemical, Wuhu Artec Biotechnology, SCGC Capital Holding, Guangdong Zongxing Technology, and Shenzhen Gaodeng Computer Technology as cornerstone investors, which committed to subscribe for 301.8 million yuan worth of IPO shares.
The issuer expects to determine its offer price on Jan. 7 and disclose the allocations on Jan. 8. It will then start trading on the Hong Kong bourse on Jan. 9, according to a Tuesday filing.
Proceeds from the deal will be used to optimize the Group's production capacity and expand its presence in China, implement marketing initiatives to increase and reinforce market presence, undertake various R&D initiatives to further research, repay bank loans, provide working capital, and other general corporate purposes.
China Securities International, China Galaxy International, BOCI, ABC International, and several others are the joint bookrunners of the IPO.
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