Ride-hailer Caocao launches IPO aiming to raise $1.85 billion

Chinese ride-hailing platform Caocao, backed by Geely Group, kicked off the bookbuilding for its initial public offering in Hong Kong on Tuesday, aiming to raise up to HK$1.85 billion.

The IPO period will end at noon on Friday. 

Caocao plans to offer around 44.18 million shares. The offer price is set at HK$41.94 per share. Each board lot consists of 100 shares, requiring a minimum investment of HK$4,236.30.

The company is expected to debut on Wednesday next week. 

Huatai Financial Holdings (Hong Kong), ABCI Capital and GF Capital (Hong Kong) are acting as joint sponsors.

Meanwhile, Chinese home appliance manufacturer XJ Electrics (Hu Bei) also opened its IPO subscription from Tuesday until Friday. 

The indicative price range is HK$2.86 to HK$3.35, targeting a maximum fundraising of HK$229 million.

Each board lot consists of 1,000 shares, with an entry cost of HK$3,383.79.

Its shares are also expected to list next Wednesday. Sinolink Securities (Hong Kong) is the sole sponsor.

Separately, life insurance company FWD Group has passed its listing hearing for a Hong Kong IPO. Morgan Stanley and Goldman Sachs are joint sponsors.

STAFF REPORTER