Bilibili offers shares at $808

It projects a $20.2b proceeds from the global offering. 

Video-sharing company Bilibili Inc. has announced a final offer price of $808 per share of new Class Z ordinary shares for both its international offering and the Hong Kong public offering.

“Based on the ratio of one Class Z ordinary share per Nasdaq-listed American depositary shares (ADSs), the Offer Price translates to approximately US$104.06 per ADS,” the company said, noting this is based on the exchange rate of $7.76 to US$1.

The gross proceeds of the company is expected to generate $20.2b from the global offering before underwriting fees and offering expenses have been deducted.

Bilibili Inc. noted around 50% of the net proceeds will be earmarked for its content to support healthy and high-quality user growth, ever-growing ecosystem, and development of their community.

Its research and development for the improvement of user experience and strengthening user-centric commercialisation capabilities as well as its sales and marketing efforts to fuel user growth and increase brand awareness will each receive 20% of the proceeds.

Meanwhile, 10% will be allocated for general corporate purposes and working capital needs.

Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Far East) Limited, and UBS Securities Hong Kong Limited were the joint sponsors.

Bilibili is expected to start trading its Class Z ordinary shares on the main board on 29 March 2021, under the stock code 9626, subject to the approval of the Hong Kong Stock Exchange.

Moreover, the company granted an over-allotment option to the international underwriters at any time from the date of international underwriting agreement until 22 April 2021.

This requires Bilibili to issue 3.75 million additional offer shares, representing up to 15% of the offer shares initially available under the global offering.