Shuangdeng Group IPO debut oversubscribed over 3,000 times
The group reported a net proceed of $756.26m
Chinese battery maker Shuangdeng Group Co., Ltd IPO debut was oversubscribed 3,876.25 times, reporting net proceeds of $756.26m.
The company offered 58.6 million shares, with about 90% allocated to international investors and 10% to the Hong Kong public.
The group plans to use the funds 40% of the funds to build a new lithium-ion battery plant in Southeast Asia, whilst 35% will be allotted to a new research and development (R&D) centre
15% will go to overseas sales expansion, and 10% will be allotted as working capital.