Final offer price has been set at HK$1.0 per share as dealings in shares start on Thursday.
Technovator International Limited (“Technovator”), a leading provider of building energy management and solution services established under the world renowned Tsinghua University, today announced the allotment results of its share offer. The share offer has seen a positive market response, with its Hong Kong public offer of 12.2 million shares receiving encouraging 3.18 times subscription and the placing of 109.8 million shares being moderately over-subscribed. The offer price has been set at HK$1.0 per share.
Mr Zhao Xiaobo, Chief Executive Officer and Executive Director, said, “Amidst the recent deteriorating sentiment of the stock market, I am glad that investors have given Technovator their vote of confidence. The remarkable interest in our company from high quality institutional and professional investors and the retail investors demonstrates investors’ recognition of Technovator’s proven track record of growth, solid industrial expertise and promising future. To reciprocate investors’ faith in Technovator, we will strive to capitalize on our competitive strengths to create lucrative returns for our shareholders.”
Technovator issues a total of 122 million shares under the share offer of which 90% is for placing and the remaining 10% for the Hong Kong public offer. Now that the offer price is determined at HK$1.0 per share, the net proceeds from the global offering to be received by Technovator (after deducting underwriting fees and estimated expenses) is estimated to be approximately HK$81.2 million, according to a Technovator report.
Technovator will primarily apply the net proceeds in pursuing product and technology purchase opportunities, attaining strategic acquisitions and alliances, and expanding operations with the view to intensify its penetration in international markets. In addition, it will use the net proceeds to strengthen its R&D capabilities as well as sales and marketing effort with the balance serving as general working capital.
Trading of the shares on the Main board of HKSE will commence on 27 October 2011 (Thursday) in board lots of 2,000 shares under the stock code of 1206.
Piper Jaffray Asia Limited is the sole sponsor. Piper Jaffray Asia Securities Limited and Guotai Junan Securities (Hong Kong) Limited are the joint bookrunners.
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