Shenzhen Transsion, the biggest phone seller in Africa, has kicked off bookbuilding of its Hong Kong share sale on Wednesday, seeking to raise HK$3.36 billion.
Hailed as "Africa Phone King", the company plans to issue 86.65 million H shares, with a maximum offer price of HK$38.8 apiece.
Each board lot contains 100 shares, requiring a minimum investment of HK$3,919.13.
Its cornerstone investors include Singapore's GIC, E Fund, BYD's (1211) Golden Link, Shenzhen Longsys Electronics' (9976) Longsys Investment, Bank of China's (3988) BOC Wealth, and so on, with a combined investment amount of HK$1.25 billion.
The smart device and mobile Internet service provider is expected to debut on October 15.
Proceeds will be used for research and developement of artificial intelligence-related technologies, marketing and brand-building, the enhancement of mobile Internet services, Internet of Things products, and others, according to the prospectus.
Citic Securities is the sole sale sponsor.
Transsion's Shanghai-listed shares have dropped nearly 20 percent to 53.8 yuan (HK$62.98) year-to-date, with a market value of about 61.9 billion yuan.
