Beijing Shougang LanzaTech Technology (HKG:2553) postponed the pricing of its Hong Kong initial public offering to Friday, July 11 following the disclosure of a legal dispute, according to a Monday Hong Kong bourse filing.
The carbon capture and recycling company is seeking to raise up to HK$381 million by offering 20,159,800 shares expected to be priced between HK$14.50 and HK$18.88 each.
Beijing Shougang LanzaTech now expects to determine the IPO price on July 11 and disclose allocation results by July 14, in time for the first day of trading on July 15.
It had initially aimed to price the deal on July 7 and begin trading on July 9.
The revised timetable follows a lawsuit filed on June 27 by a minority shareholder in Shoulang Jiyuan, a key joint venture, alleging unauthorized capital spending and pricing decisions.
Shougang LanzaTech said the claims are baseless, citing legal opinions from both internal and external PRC counsel.
It added that the lawsuit is not expected to have a material adverse effect on its operations or financial condition.
The IPO comprises 2,016,000 shares for the Hong Kong public offering and 18,143,800 for international investors. The shares will be traded under the stock code 2553.
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