Jiangsu Guofu Hydrogen Energy Equipment (HKG:2582) raised HK$339.7 million in net proceeds from its Hong Kong initial public offering after pricing the shares at the bottom of the indicative price range.
The hydrogen equipment company issued 6,000,000 H Shares at HK$65.0 apiece, the bottom end of its guidance of as high as HK$73.0 each, according to a Thursday disclosure.
The deal's Hong Kong or public offering portion was 21.07 times oversubscribed, with the firm reallocating an additional 125,300 from the international offering to the existing 600,000 shares.
The international or placing shares were 0.99 times subscribed, and the firm issued 5,274,700 shares following reallocation.
Jiangsu Guofu Hydrogen Energy Equipment (HKG:2582) secured three cornerstone investors that subscribed for about 80.72% of the shares in the IPO.
Jiangsu Guofu Hydrogen will debut on the Hong Kong bourse on Friday, Nov. 15.
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