Mainland artificial intelligence-powered robot maker Ubtech Robotics kicked off its retail books yesterday, aiming to raise as much as HK$1.31 billion for its initial public offering in Hong Kong.
The Shenzhen-based company is offering 11.3 million shares at a price range of HK$86 to HK$116 apiece. The minimum investment is HK$5,858.5 per board lot.
Ubtech, which counts Tencent (0700) among its investors, is China's largest provider of educational robots with a market share of 22.5 percent in terms of its revenue in 2022, according to the prospectus that cites a Frost & Sullivan report.
The company is scheduled to start trading on December 29.
This comes as two new stocks showed mixed performances among the local gray market last night ahead of their debuts today.
iMotion Automotive Technology (Suzhou) (1274), a provider of autonomous driving systems, rose 2.2 percent to HK$30.3 on the Futu Securities platform. iMotion raised HK$656 million at a price of HK$29.65 per share. The firm also saw a gain of 1.4 percent on Philip Securities' gray market.
Founded in December 2016, the Suzhou-based firm focuses on developing domain controllers, which serve as the "brain" in autonomous driving solutions. These controllers process data from sensors to make driving decisions and trigger actuators.
Henan Jinyuan Hydrogenated Chemicals (2502) fell 10 percent to close at HK$1.08 in Futu's gray market. The chemical supplier raised HK$288 million by pricing its IPO at HK$1.2, which was toward the lower end of its indicative range.
