The AI infrastructure software firm is seeking as much as HK$855 million on the Hong Kong Main Board, with a per-share price band of HKD49 to HKD61 and a minimum entry ticket of about HK$6,161.51. Cornerstones IEIT and Luoyang Kechuang took roughly US$9.41 million of stock; Guotai Haitong sponsors the deal, which lists September 21.
Orders opened Thursday for a Hong Kong Main Board listing by AI infrastructure software developer TRANSWARP (06727.HK), which is marketing 14.0108 million H shares at HKD49 to HKD61 each for a maximum raise of about HK$855 million.
About 5% of the shares are reserved for Hong Kong retail investors and roughly 95% for the international placing, with a board lot of 100 shares carrying an entry cost of about HK$6,161.51. At the HKD55 midpoint, net proceeds would come to roughly HK$701 million, according to the filing.
Two cornerstone investors have committed to the offering: Shenzhen-listed Inspur Electronic Information Industry Co. (000977.SZ), known as IEIT, and Luoyang Kechuang, an investment vehicle under the Luoyang municipal government. Together they subscribed for shares worth about US$9.41 million, or roughly HK$73.4 million at current rates.
Guotai Haitong is the sole sponsor. The offer period closes Wednesday, September 16, with trading scheduled to start on September 21.
The pricing range values the deal at a fraction of the capital that has flowed into AI infrastructure names globally this year, and the cornerstone book leans on a state-linked buyer and a domestic server maker rather than a large institutional anchor. IEIT shares fell 2.5% in Shenzhen trading, down 1.760 yuan, on the day the IPO opened.
The company did not disclose a use-of-proceeds breakdown, an oversubscription ratio, a greenshoe option, or a lockup period for the cornerstone shares in the offering announcement. Those terms typically surface in the prospectus and the final allotment results.
The listing lands in a Hong Kong new-issue market that has drawn scrutiny over pipeline depth. Goldman Sachs cut its target price on Hong Kong Exchanges and Clearing (00388.HK) to HK$532 while keeping a buy rating, a signal that analysts see limited near-term upside in cash-market volumes even as listings resume.
For investors weighing the deal, the HKD49-to-HKD61 band sets the reference point for first-day trading on September 21, when institutional demand for a small-float AI software name will be tested against the roughly HK$73.4 million already locked in by the two cornerstones.
This article is for informational purposes only and does not constitute investment advice.
