Seres Group completed its Hong Kong initial public offering (IPO) at the upper end of its price range, raising HK$14.3 billion ($1.8 billion).
The company set the IPO price at HK$131.50 per share, selling approximately 108.6 million shares, including 8.4 million additional shares that expanded the offering by about 8.4 percent.
See also: Seres Group Reports 2% Drop in Q3 Profit Despite Higher Revenue Growth
Trading on the Hong Kong Stock Exchange is scheduled to begin on Wednesday, November 5, under the stock code HKG: 9927. Seres filed for the listing in April to support its global expansion, establish an international capital operation platform, and enhance competitiveness.
Originally known as Chongqing Sokon Industrial Group Co Ltd, the company changed its name to Seres Group Co Ltd in August 2022. It has been listed on the Shanghai Stock Exchange since June 2016 and currently holds a market capitalization of RMB 254.8 billion ($35.8 billion).
See also: SERES Automobiles Opens First Showroom in the Gulf Region in Dubai
Seres owns the Aito brand, developed in partnership with Huawei. In its latest earnings report, the company posted a net income of RMB 2.37 billion in the third quarter, a slight 1.74 percent year-on-year decline, while revenue reached RMB 48.13 billion, marking a 15.75 percent increase compared with the same period last year.
