SenseTime relaunches Hong Kong IPO, lining up nine cornerstone investors to anchor its fundraising plan as it excludes US investors
- The artificial intelligence (AI) company will issue 1.5 billion shares at between HK$3.85 and HK$3.99
- The retail offering starts today, for the company’s shares to commence trading on the Hong Kong exchange on December 30
SenseTime has resumed its initial public offering (IPO) in Hong Kong, offering to sell the same number of shares to investors – excluding Americans – as it turned around its fundraising plan from its sanctions listing by the United States.
The artificial intelligence (AI) company, founded by a group of professors from the Chinese University of Hong Kong (CUHK), will issue 1.5 billion shares at between HK$3.85 and HK$3.99, valuing the start-up at HK$132.8 billion (US$17 billion) at the top end.
An overallotment option is available to issue another 225 million shares if there is strong demand, SenseTime said. The retail offering starts today until Thursday, for the company’s shares to commence trading on the Hong Kong exchange on December 30.
The company’s quick relaunch, a week after it was postponed, is likely to be popular, according to local brokers.
“The relaunch of SenseTime’s IPO is expected to be better than the last time as the company has disclosed all its risk factors,” said Tom Chan Pak-lam, chairman of the Hong Kong Institute of Securities Dealers. “It is also likely to get the support of mainland-backed funds.”