Fibocom Wireless Seeks to Raise More Than $370 Million in Hong Kong Listing

Dow Jones Newswires

By Jason Chau

Fibocom Wireless, one of the world's largest suppliers of wireless communication modules, said it plans to list on the Hong Kong stock exchange later this month, joining a growing number of mainland Chinese companies tapping the city's equity market.

Already listed on the Shenzhen Stock Exchange, the company aims to raise up to 2.9 billion Hong Kong dollars, equivalent to US$372.7 million, through the offering, Fibocom said Tuesday.

The company has begun taking investor orders for its shares and plans to sell 135 million shares at a price range of HK$19.88 to HK$21.50 per share. It expects to finalize the offer price by Oct. 20, with trading set to begin Oct. 22.

Hong Kong's initial public offering market has been active this year, fueled by mainland-listed companies seeking secondary listings to reach international investors. Earlier this year, Chinese battery giant Contemporary Amperex Technology raised nearly $4.6 billion in its Hong Kong IPO, while Jiangsu Hengrui Pharmaceuticals raised around $1.3 billion.

Fibocom has secured 10 cornerstone investors, including Qundao Gantong and Pacific Asset Management, which have agreed to take up 37.5% of the offer size at the top-end offer price if the overallotment option is fully exercised.

Proceeds from the IPO would be used to fund research and development, business expansion and debt reduction, the company said. Citic Securities is the sole sponsor of the Hong Kong offering.

Write to Jason Chau at jason.chau@wsj.com

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