Chinese company RelyEZ Energy Storage Technology jumped 129% in its Hong Kong market debut on Monday after raising HK$562.7 million ($72 million) in an initial public offering.
The stock traded at HK$22.4, up 129% from its HK$9.78 offer price, after opening at HK$21. Hong Kong‘s Hang Seng Index was up 1%
“It is a new starting point for us to accelerate our global expansion and explore the long-term value of energy storage assets worldwide,” company chairman and executive director Wang Yu, or Tony Wang, told the listing event.
RelyEZ priced its 57.54 million shares at HK$9.78 each, near the middle of a marketed range. The retail portion was oversubscribed nearly 1,389 times, while the international offering was 1.3 times covered
RelyEZ plans to use 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
($1=7.8396 Hong Kong dollars)
Reuters
