All Access float targets $445m by Alfred Liu, The Standard HK
Listing candidate China All Access, which opens its retail book today, plans to tap the market for as much as HK$445 million on the back of strong sentiment.
The firm, which provides satellite and wireless data communication applications, said it plans to offer a total of 250 million new shares at between HK$1.38 and HK$1.78 per share in its initial public offering. The minimum spending for a board lot of 2,000 shares will be HK$3,595.92. The retail book closes next Wednesday and its stock market debut is expected on September 16.
The international tranche was oversubscribed four to five times.
Atlantis Investment Management, whose stake in China All Access will be diluted to 9.74 percent after listing, said it plans to raise its stake in the company by buying new shares, said the investment firm's chairman Liu Yang.
Guotai Junan Capital is the sole sponsor of the mainland technology firm's listing while Guotai Junan Securities (Hong Kong) is the sole global coordinator, bookrunner and lead manager.
China All Access plans to use 47 percent of the proceeds to develop a new satellite communication application solution system and another 15 percent to increase the number of satellite and wireless data communication related products.