Seres’ Hong Kong IPO retail tranche 4.1 times oversubscribed

Seres, Huawei Technologies' EV partner, saw its retail tranche oversubscribed 4.1 times since opening the book on Monday for its Hong Kong initial public offering, which aims to raise up to HK$13.18 billion.

Margin financing for the retail portion reached at least HK$5.44 billion, compared with the HK$1.32 billion retail offering size.

The automaker plans to issue 100 million H-shares, with 10 percent earmarked for the Hong Kong public offering, at a price of up to HK$131.5 per share.

The minimum investment is HK$13,282.60 for a board lot of 100 shares.

Trading is expected to begin on November 5.

China International Capital Corporation (3908) and China Galaxy International are joint sponsors of the deal.

Seres is expecting to receive net proceeds of about HK$12.92 billion from the offering, and plans to use a major chunk of it for research and development products.

STAFF REPORTER and Reuters