China's Sigenergy jumps 85% in Hong Kong debut after $562 million IPO
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Sigenergy Technology, a Chinese energy storage systems maker, surged 85% in its Hong Kong market debut after raising $562 million in an IPO. The company plans to use the listing proceeds for research and development, marketing, and production expansion.
Sigenergy Technology, a Chinese energy storage systems maker, debuted on the Hong Kong market on Thursday, with its shares surging as much as 85%. The company raised HK$4.4 billion ($562 million) in an initial public offering by selling 13.57 million shares at HK$324.20 each. The public offering was 1,102.05 times subscribed, while the international offering was 31.2 times subscribed. Sigenergy develops smart energy storage systems, including battery products and energy management software, for residential and commercial customers. The company plans to use the listing proceeds for research and development, marketing, and production expansion. Cornerstone investors included Aranda, Goldman Sachs Asset Management, and Hillhouse.
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