Staff reporter
Chinese self-driving car sensor maker RoboSense Technology has opened its retail book yesterday with the goal of raising nearly HK$1 billion in its Hong Kong initial public offering, which could be the first new listing of the new year.
The Shenzhen-based technology company is offering 22.91 million shares at HK$43 apiece to raise up to HK$985 million.
The minimum investment is HK$4,343.4 per board lot of 100 shares.
RoboSense has brought in state-owned enterprise Nanshan SEI Investment as a cornerstone investor.
Nanshan SEI will subscribe to HK$780 million worth of shares.
The company is expected to debut on January 5.
Founded in 2014, RoboSense offers products and solutions based on light detection and ranging or lidar technology for autonomous driving and robotics.
Much like how radar and sonar work, lidar sensors measure distances between objects using pulsed laser beams and when used in autonomous driving, can identify signs, traffic signals and road markings while maintaining a safe distance between vehicles.
RoboSense's products are expected to account for around 29 percent of the global passenger vehicle lidar market by sales this year, according to consulting firm Yole Intelligence.
Alibaba's (9988) logistics arm Cainiao is its biggest non-founding shareholder with a stake of 11 percent.
Other investors include units of China Mobile (0941), Fosun International (0656), Geely Automobile (0175), Xiaomi (1810) and China Structural Reform Fund Corp.
RoboSense plans to use around 45 percent of the net proceeds raised from the IPO on research and development, 20 percent each to enhance capabilities, sales and marketing efforts, and the rest for partnerships and working capital.
