PATEO CONNECT Nets HK$919 Million from Hong Kong IPO Ahead of Trading Debut

MT Newswires Live

Sep 30

PATEO CONNECT Technology (Shanghai) (HKG:2889) raised HK$919.1 million in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$102.23 per share, according to an after-market filing with the Hong Kong Stock Exchange on Monday.

The China-based smart cockpit domain controller provider for new energy vehicles offered 10,436,900 H-shares.

The Hong Kong public offer was 529.79 times oversubscribed, with the final allocation of 1,043,700 shares, or 10% of the total offering.

The international offering was 3.72 times subscribed, with the final allocation of 9,393,200 shares, or 90% of the total offering.

No over-allotment option was exercised.

Cornerstone investors Horizon Together Holding, JSC International Investment Fund, and Smart Ventures received a total of 4.55 million shares, representing about 43.6% of the offering.

PATEO CONNECT is set to debut on the Hong Kong bourse on Tuesday, Sept. 30.

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