China’s Sigenergy shares more than double in Hong Kong debut after HK$4.4 billion IPO

[HONG KONG/SINGAPORE] Sigenergy Technology, a Chinese energy storage systems maker, ended 103.4 per cent higher in its Hong Kong market debut on Thursday (Apr 16), after raising HK$4.4 billion (S$715 million) in an initial public offering.

The shares opened 79.2 per cent higher at HK$581 a share versus a HK$324.20 listing price, and hit its highest at HK$669, before ending at HK$659.50 with 7.7 million shares worth HK$4.6 billion changing hands.

It was the fourth most actively traded stock by turnover on the Hong Kong bourse.

The Shanghai-based company sold 13.6 million shares at HK$324.20 each, based on its prospectus. The public offering was 1,102.1 times subscribed, while the international offering was 31.2 times subscribed, a filing on Thursday showed.

Sigenergy develops and manufactures smart energy storage systems, including battery products, inverters and energy management software, serving residential and commercial customers as the demand for clean energy solutions rises.

It plans to use the listing proceeds for research and development, marketing and after-sales services, production expansion, broader commercial and industrial energy storage offerings, and working capital.

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Cornerstone investors included Aranda, Goldman Sachs Asset Management, Hillhouse, UBS Asset Management, AXA IM, CPE Energy and Barings.

Joint sponsors were Citic Securities and BNP Paribas, with investment bank China International Capital Corporation also on the deal, its prospectus showed.

The deal adds to a busy Hong Kong new listings market. Victory Giant is due to debut on Apr 21, followed by Huaqin Technology on Apr 23. REUTERS