Chinese electric vehicle maker Zhejiang Leapmotor Technology plans to raise $800 million at its Hong Kong initial public offering (IPO). The pricing of the shares is to be HK$48 ($6.12) each. This is less than the original $1.03 billion the EV maker said initially in its regulatory fillings. However, the IPO will be the city’s largest this year.
Initially, the company planned to raise $1.5 billion but had to cut the size after a lukewarm response from investors. The pricing revealed on Sunday is at the bottom of the range of HK$48 to HK$62 a share that Leapmotor has set for the 130.82-million-share deal. Potential investors cut back their orders amid volatility in global financial markets, one source said.