Limnologist is a Chinese FinTech backed by Tencent and popular for providing tech solutions for supply chain finance in China. The company is reportedly seeking to raise 8.3 billion Hong Kong dollars, approximately $1.1 billion from an initial public offering (IPO) in Hong Kong, according to reports from Bloomberg reported.
The Shenzhen-based company is selling 452.9 million shares at 16.28 Hong Kong dollars to 18.28 Hong Kong dollars ($2.10 to $2.35) apiece, as reported by Bloomberg. The share sale has attracted six cornerstone investors, all agreeing to subscribe a total of $365 million in stock. Names on the list include BlackRock and Fidelity, with each buying $100 million in shares. Others are Janus Henderson Funds, the Ontario Teachers’ Pension Plan Board and Sequoia China, each buying $50 million, while Singapore-based EDB Investments will acquire $15 million worth of shares.
The initial public offering has been described as a test for how the first-time share sale market will go in the wake of Hong Kong’s benchmark stock gauge slumping into what amounts to a correction on Wednesday (March 24), when shares of internet giant Baidu ended flat on Tuesday and fell every day thereafter, Bloomberg reported.
According to the prospectus for Linklogis, the company has not made money in three years. However, Bloomberg reported that the company said sales for its supply chain finance solutions increased by 47% last year, following an 83% rise from the previous year.
According to Bloomberg, the company plans to price the offering March 31 before subsequently listing on the exchange on April 9.
The aforementioned Baidu, which specializes in artificial intelligence (AI), was reported on March 17 to have raised $3.1 billion from a secondary Hong Kong listing.
Baidu’s 95 million shares represent 3.4% of its share capital. The listing will be the second time in 2021 a U.S.-listed tech company from China sought the secondary listing in Hong Kong, with the first being digital car sales platform Autohome, raising $688 million.
2021 has seen 26 IPOs completed, with participating companies raising over $10.8 billion - five times the amount from a year ago.
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