Six firms open Hong Kong IPOs seeking nearly HK$7.4 bln

Six companies opened their retail books for Hong Kong initial public offerings on Thursday, aiming to raise a combined HK$7.4 billion, with all shares scheduled to begin trading on December 30.

The largest deal comes from artificial intelligence drug discovery platform InSilico Medicine Cayman, which is seeking to raise up to HK$2.28 billion.

The firm has attracted HK$1.55 billion in margin financing, making its retail tranche about 6.8 times oversubscribed. It plans to offer 94.69 million shares globally, with 10 percent allocated to Hong Kong retail investors, at an offer price of HK$24.05 per share. Cornerstone investors include Tencent (0700) and Temasek. The minimum investment is about HK$12,146 per board lot of 500 shares.

OneRobotics (Shenzhen), a home robotics systems provider, has drawn about HK$1.1 billion in margin financing, leaving its retail tranche about 6 times oversubscribed. The company is targeting proceeds of up to HK$1.8 billion from a global offering of 22.22 million shares priced between HK$63 and HK$81 each. The minimum investment is around HK$8,182 per lot of 100 shares.

Shenzhen Xunce Technology, a mainland real-time data infrastructure and analytics solutions provider, is seeking to raise up to HK$1.24 billion by offering 22.5 million shares at HK$48 to HK$55 each, with a minimum investment of about HK$5,555 per board lot. Its retail tranche has attracted HK$16.9 million in margin financing, or about 0.14 times subscription.

Shanghai Forest Cabin Cosmetics, a premium mainland skincare brand, has seen its retail tranche about 2.75 times subscribed, with margin financing of HK$298 million. It plans to raise up to HK$1.09 billion through the global offering of about 13.97 million shares at HK$77.77 apiece. The minimum investment is approximately HK$3,928 per lot of 50 shares.

Beijing 51WORLD Digital Twin Technology has secured about HK$101 million in margin loans, making its retail portion roughly 2.8 times oversubscribed. It aims to raise up to HK$730 million by offering around 23.98 million shares at HK$30.50 each. The minimum investment is about HK$6,162 per board lot of 200 shares.

Prefabricated steel building services provider USAS Building System (Shanghai) has drawn HK$47.5 million in margin financing, or about 2.1 times subscription. It plans to raise up to HK$225 million by issuing 24.6 million shares priced between HK$7.10 and HK$9.16 each, with a minimum investment of roughly HK$2,776 per lot of 300 shares.