Two IPOs kick off bookbuilding in HK

The intelligent intralogistics robotics provider Zhejiang Galaxis Technology and head-up display solutions provider Jiangsu New Vision Automotive Electronics have kicked off their bookbuilding for listing in Hong Kong scheduled for March 24, with a total fundraising of nearly HK$1.5 billion.

Zhejiang Galaxis Technology is offering 36.8 million shares priced between HK$16.4 and HK$20.4 per share, aiming to raise up to HK$750.7 million. It asks for a minimum investment of HK$4,121.2 per board lot of 200 shares. 

It has recorded 4.5 times oversubscription of the retail tranche, garnering HK$340 million in margin loans, according to Futu Securities.

Meanwhile, Jiangsu New Vision Automotive Electronics plans to offer 16.22 million H-shares, priced at HK$42 to HK$48 per share, targeting proceeds of up to HK$778.9 million. Each board lot is 50 shares, requiring about HK$2,424.2.