,Hong Kong

Morimatsu International eyes $2.48 per share price in global offering

The manufacturing firm will issue 250 million shares in its global offering.

Manufacturing firm Morimatsu International Holdings Company Limited is set to price its share between $2.2 and $2.48 per share in its global offering.

The global offering would comprise of 250 million shares, 25 million for Hong Kong; whilst the other 225 million will be under international offering.

The company estimated it could generate between RMB417.9m and RMB475.7m in net proceeds, or approximately, $506.4m-576.4m.

Assuming the shares are offered at the midpoint price of $2.34, the company estimates the aggregate net proceeds will be around $505m. This takes into account underwriting fees and estimated expenses.

Around 60%, or $303.2m, of the proceeds will be earmarked to enhance the company’s production capacity and capability.

Some 13.2%, or $66.6m, will fund enhancements in its service capability, 12%, or $60.5m will be used to advance its internationalisation strategies.

The remaining will be used for research and development and other general corporate purposes.

Morimatsu is a pressure equipment manufacturer and provider of integrated pressure equipment solutions in China.

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