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Transsion targets up to US$500 million in Hong Kong IPO
The Hong Kong offering runs from October 7 to 12, with trading expected to start on October 15.
Shenzhen Transsion Holdings, the maker of phones that is a leader in Africa, is set to launch its Hong Kong share offering on Wednesday, seeking to raise up to US$500 million ahead of a targeted October 15 listing, according to SCMP Economy citing people familiar with the matter.
The company, which already trades in Shanghai and has a market capitalization of 62 billion yuan (US$9.24 billion), could sell up to 132 million offshore ordinary shares, based on China Securities Regulatory Commission approval documents.
Transsion’s public offering is scheduled for October 7 to 12, with trading expected to begin on October 15, and the fundraising target is described as half the amount the company reportedly sought last year.
In regulatory filings, the company said it sold more than 91 million handsets last year across Tecno, Infinix and iTel, capturing 53 per cent of the regional market share.