Lidar authority Hesai 65 times oversubscribed ahead of Hong Kong IPO

Hesai, the world’s largest maker of lidar sensors for autonomous driving, has seen its Hong Kong initial public offering oversubscribed 65 times in margin subscriptions since its retail book opened on Monday.

As of midday Wednesday, the company received HK$25.3 billion worth of margin financing orders for its new share sales.

The company plans to issue 17 million shares at up to HK$228 each in a bid to raise up to HK$3.88 billion. The minimum investment is HK$4,605.99 for a board lot of 20 shares.

Hesai is expected to debut on the Hong Kong exchange next Tuesday.

On its international offering, the subscription period is reportedly being brought forward to Wednesday afternoon due to strong demand, one day earlier than originally scheduled.

Hesai, already listed on the Nasdaq, has seen its US-listed shares rise nearly 80 percent so far this year.

STAFF REPORTER