Chinese electric vehicle (EV) producer Zhejiang Leapmotor Technology plans to raise $800 million in its Hong Kong initial public offering (IPO) by selling its shares at HK$48 ($6.12) apiece. While this is less than the $1.03 billion the EV manufacturer stated in regulatory papers last week, the IPO would still be the city’s largest this year.
It had expected to raise $1.5 billion but scaled back after receiving a lackluster reaction from investors. The price reported on Sunday is at the low end of Leapmotor’s price range of HK$48 to HK$62 per share for the 130.82-million-share transaction.
Leapmotor, a Chinese electric car manufacturer, plans to raise up to $1.7 billion in an IPO, making it the largest new share offering in Hong Kong in 2022. Onewo Inc, a property services arm of China Vanke, raised $733 million in an initial public offering (IPO). However, dealmakers are skeptical that new share sales would resume until 2023.