Lingyi iTech, one of Apple’s key precision component suppliers, just pulled off the kind of IPO debut that makes bankers smile. The Shenzhen-listed manufacturer priced its Hong Kong secondary listing at the maximum HK$10.18 per share, raising approximately $1.1 billion in the process.
That’s roughly HK$8.3 billion from 811.8 million shares, with trading set to begin on June 26 on the Hong Kong Stock Exchange under the ticker 1688 HK.
Who’s buying and why
The offering attracted 21 cornerstone investors who collectively committed around $407 million. That’s nearly 40% of the total raise locked in before the general order book even opened.
The company launched its order book around June 17, giving it roughly a week to build demand before pricing on June 24.
