Key Takeaways
- • RelyEZ Energy Storage Technology jumped 129% in its Hong Kong market debut on Monday, trading at HK$22.4 against a HK$9.78 offer price after opening at HK$21, according to Reuters.
- • The IPO raised HK$562.7 million ($72 million) through 57.54 million shares priced near the middle of a marketed range.
- • Retail tranche was oversubscribed roughly 1,389 times, while the international offering was covered 1.3 times.
- • Proceeds will fund energy storage hardware and software development, overseas expansion, a factory in Wuzhen in eastern China, and working capital.
- • Cornerstone investor CDH Global Frontier Ventures was allocated 3.21 million shares, worth about HK$31.4 million at the offer price.
Summary
Chinese energy storage company RelyEZ Energy Storage Technology rose 129% in its Hong Kong market debut on Monday, according to Reuters. The stock traded at HK$22.4, up from its HK$9.78 offer price, after opening at HK$21. The broader Hang Seng Index was up 1% on the same day.
The company raised HK$562.7 million ($72 million) in the initial public offering, pricing 57.54 million shares at HK$9.78 each. The price was set near the middle of the marketed range. Demand was strong in the retail portion, which was oversubscribed nearly 1,389 times, while the international offering was 1.3 times covered.
Chairman and executive director Wang Yu, also known as Tony Wang, described the listing as "a new starting point for us to accelerate our global expansion and explore the long-term value of energy storage assets worldwide." RelyEZ plans to use the proceeds to develop its energy storage hardware and software, expand overseas, build a factory in Wuzhen in eastern China, and fund working capital.
Cornerstone investor CDH Global Frontier Ventures was allocated 3.21 million shares, worth about HK$31.4 million at the offer price.
The company raised HK$562.7 million ($72 million) in the initial public offering, pricing 57.54 million shares at HK$9.78 each. The price was set near the middle of the marketed range. Demand was strong in the retail portion, which was oversubscribed nearly 1,389 times, while the international offering was 1.3 times covered.
Chairman and executive director Wang Yu, also known as Tony Wang, described the listing as "a new starting point for us to accelerate our global expansion and explore the long-term value of energy storage assets worldwide." RelyEZ plans to use the proceeds to develop its energy storage hardware and software, expand overseas, build a factory in Wuzhen in eastern China, and fund working capital.
Cornerstone investor CDH Global Frontier Ventures was allocated 3.21 million shares, worth about HK$31.4 million at the offer price.
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