Hong Kong-listed LiDAR maker RoboSense Technology has announced plans to raise funds through a share placement, aiming to enhance its research and development (R&D) capabilities, particularly in the robotics sector.
The company has entered into a placing agreement with agents to offer up to 22 million new shares to at least six institutional investors, according to a stock exchange filing on Monday.
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The placement price is set at HK$46.15 per share, an 8.43% discount to RoboSense’s closing price of HK$50.40 on February 25. The offering represents approximately 4.89% of the company’s existing shares and 4.66% of the enlarged share capital.
RoboSense expects to raise up to HK$1 billion from the placement, with net proceeds of around HK$989 million after commissions and expenses. The company plans to allocate 70% of the funds for R&D, mainly in robotics, 20% for production line expansion, and 10% for potential strategic partnerships.
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Listed in Hong Kong on January 5, 2024, RoboSense is among China’s largest LiDAR manufacturers. The company recently announced the delivery of its 1 millionth LiDAR unit on February 24.
In 2024, RoboSense sold 544,200 LiDAR units, marking a 113% increase from the previous year. Sales of LiDAR products for advanced driver assistance systems (ADAS) reached 519,800 units, accounting for 95.52% of total sales, while LiDARs for robotics and other applications totaled 24,400 units, or 4.48% of sales.
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