Ligent Technologies shares rise in Hong Kong debut after HK$5.67 billion IPO
Investor demand lifts Ligent Technologies in its Hong Kong market debut, with the Chinese fibre-optic communications equipment maker trading well above its offer price on Tuesday. The listing follows a HK$5.67 billion share sale and gives the company a market value of about HK$32.4 billion at the offer price.
Highlights
- Ligent Technologies shares rise as much as 19.2% to HK$39.3 on debut after HK$5.67 billion IPO, closing up 9.8% at HK$36.20.
- Ligent sells 172.01 million shares at HK$32.96 each, reaching a market value of HK$32.4 billion, with public offering oversubscribed 35.16 times.
- Strong debut outpaces Hang Seng Index gains, with notable cornerstone investors backing the IPO including Primavera, GigaDevice, Mirae Asset, PAG, ORIX, and Barings.
Debut trading and offering details
As reported by Reuters, Ligent Technologies' shares jump as much as 19.2% to HK$39.3 in early Hong Kong trading on Tuesday after the company completes its initial public offering. The stock last trades at HK$36.20, up 9.8% from its HK$32.96 offer price, after opening at HK$36.60.Ligent sells 172.01 million shares in its base offering, according to its listing prospectus. At the offer price, the company is valued at about HK$32.4 billion.
A filing on Monday shows the public offering is subscribed 35.16 times, while the international offering is subscribed 4.67 times.
Market context and investor backing
Ligent's debut outpaces the broader Hong Kong market, with the Hang Seng Index recently up 0.1% and the Hang Seng Tech Index rising 1%. The stronger share performance suggests solid demand for the company's communications equipment story despite more modest moves in the main benchmark indices.Cornerstone investors include Primavera Investment Fund, GigaDevice, Amlogic Hong Kong, Mirae Asset Securities HK, PAG, ORIX-backed Turquoise Hime, Barings, GF Fund and E Fund, the prospectus shows. Their participation adds institutional backing to one of Hong Kong's larger new listings in the technology and communications equipment segment.
In our earlier report on Iambic Therapeutics’ planned U.S. IPO, we noted that the biotech listing pipeline has stayed active even amid broader market volatility. The piece highlighted Iambic’s AI-driven drug discovery strategy, its partnership with AbbVie, and the support of major backers as it prepared to list on Nasdaq.
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