SaaS firm Weimob to raise $1.5 billion through share sale

Chinese software as a service firm Weimob (2013) plans to raise nearly HK$1.56 billion through a share sale. 

The company intends to issue 688.5 million shares, or around 16 percent of the enlarged shares, to Infini Capital, according to a filing on Thursday. The issuance price is HK$2.26 apiece, representing a 8.9 percent discount to its closing price on Wednesday. 

The offering is to strengthen its financial position and supplement the firm’s long-term funding of its expansion and growth plan, Weimob said, adding that the net proceeds will be used for enhancing its technological advantages and strengthening its leadership in targeted marketing.