RelyEZ shares surge 129% on Hong Kong debut after HK$563m IPO
Chinese energy storage firm RelyEZ Energy Storage Technology soared 129% on its Hong Kong stock market debut on 9 November, closing at HK$22.40 after an IPO that raised HK$562.7 million. The retail tranche was oversubscribed nearly 1,389 times.
Chinese energy storage company RelyEZ Energy Storage Technology jumped in its Hong Kong market debut on Monday, with shares closing at HK$22.40, up 129 per cent from the offer price of HK$9.78. The stock opened at HK$21.00. The Hang Seng Index rose 1 per cent on the day.
RelyEZ raised HK$562.7 million in its initial public offering, pricing 57.54 million shares at HK$9.78 each, near the middle of the marketed range. Demand was strong: the retail portion was oversubscribed nearly 1,389 times, while the international offering was 1.3 times covered.
The company 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.