Image source: Oriental ICh
Blue Whale TMT Channel reported on October 17 that Feitian Cloud Dynamic issued an announcement stating that the offer price has been determined to be HK$2.21 per share of the offer shares, and the net proceeds collected by the company from the global offering are estimated to be approximately HK$531.9 million (assuming that the over-allotment is not exercised). It is expected that the shares will be listed on the main board of the Stock Exchange on October 18, 2022.
According to the announcement, Hong Kong's public offering shares have been slightly oversubscribed. The final number of shares offered under the Hong Kong Public Offer is 27.15 million shares, accounting for 10% of the total number of shares offered initially available for subscription under the Global Offer (before exercising any over-allotment rights), and has been allocated to 2,875 accepted applicants under the Hong Kong Public Offer. The International Offer Shares have been slightly oversubscribed, and the final number of International Offer Shares available for subscription under the International Offer is 244 million shares, accounting for 90% of the total number of Offer Shares initially available for subscription under the Global Offer (before exercising any over-allotment).
Boxtone Investors , according to the offer price, the offer price per share is HK$2.21. The cornerstone Investors have subscribed a total of 82.381 million shares, accounting for approximately 4.54% of the company's issued share capital after the completion of the global offering (assuming that the over-allotment is not exercised) and approximately 30.33% of the total number of offering shares offered worldwide (assuming that the over-allotment is not exercised).
According to the announcement, assuming that the over-allotment is not exercised, Feitian Cloud intends to use approximately 40% of the net proceeds to enhance R&D capabilities and improve services and products; approximately 25% will be used to enhance sales and marketing functions; approximately 15% will be used to select mergers, acquisitions and strategic investments; approximately 10% will be used to develop the Feitian Yuan Universe Platform in the next 12 to 36 months; and approximately 10% will be used to operate funds and general corporate purposes.
It is understood that Feitian Yundong submitted a listing application on the Hong Kong Stock Exchange on July 8 this year. Shenwan Hongyuan Hong Kong is the exclusive sponsor and has attracted much attention for mentioning the "Material Universe" in its prospectus for more than 300 times. It is considered to be impacting the "First Stock in the Meta Universe". On September 22, Feitian Cloud passed the listing hearing on the Hong Kong Stock Exchange and began its IPO on September 26.
