Key Takeaways:
- Baige Digital offers 33.3M shares at HKD15.6 to HKD20.28 each
- Two cornerstone investors commit HKD10M each to the IPO
- Listing on June 29 with net proceeds of about HKD541M
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Baige Digital launches HK IPO at HKD15.6 to HKD20.28 per share
Insurtech company Baige Digital (02672.HK) launched its Hong Kong IPO on Tuesday, offering 33.3 million shares at HKD15.6 to HKD20.28 apiece.
CMBC Capital and BOCI are acting as joint sponsors for the listing, according to the prospectus.
The global offering comprises 33.3444 million H shares, with about 10% reserved for the Hong Kong public tranche and 90% for international placing. Each board lot consists of 200 shares, requiring an entry fee of approximately HKD4,096.91. The subscription period runs from Tuesday through June 24.
Two cornerstone investors have joined the deal: GLY New Mobility 2. LP and Xiamen Hengxing Group President Ke Jiaqi, each committing HKD10 million. Based on the mid-point offer price of HKD17.94 and excluding the over-allotment option, net proceeds are estimated at about HKD541 million.
The pricing gives the company a valuation that will be tested against sector peers when trading begins. Baige Digital is expected to list on the Hong Kong Main Board on June 29, with first-day trading serving as a key indicator of institutional appetite for insurtech listings in the city.
This article is for informational purposes only and does not constitute investment advice.
