Tencent’s China Literature, mainland’s biggest online publisher, launches IPO worth up to US$1.1 billion
Hong Kong’s tech IPO market heats up as names including ZhongAn Insurance and Razer either debut or wait to go public this year
Tencent unit China Literature launched its initial public offering on Monday in Hong Kong, with the aim of raising as much as HK$8.3 billion (US$1.1 billion) by offering 151.37 million shares globally at a maximum price of HK$55 each.
The amount to be raised is higher than the previously reported range of US$600 million to US$800 million.
China Literature, the mainland’s largest online publishing and e-book website, expects to debut on the main board of the Hong Kong stock exchange on November 8, according to the prospectus seen by the South China Morning Post.
The offering consists of an international placement, which mainly targets institutional investors, and an offering to the public in Hong Kong.
The public offering tranche, with contains 10 per cent of the shares offered, is expected to hit the market between Thursday and October 31. The preliminary IPO pricing date is set for October 31 as well.
China Literature plans to offer 151.37 million shares, 16.7 per cent of the enlarged total issued share capital. But underwriters can issue as many as 22.7 million additional shares under an over-allotment option, also known as the green shoe option.