China Everbright Water proposed Wednesday a listing on the Hong Kong Stock Exchange to raise up to HK$452 million, or around S$78.36 million.
The water environmental services company plans to offer 103 million shares, subject to an over-allotment option at HK$2.99 to HK$4.35 a share to raise from HK$311 million to HK$452 million, it said in a filing to SGX Wednesday.
The Hong Kong offering will have 103.97 million shares, subject to an over-allotment option, or 90 percent of the total, while 10 percent, or 93.57 million shares will be in the global offering, the filing said.
The shares will be open for public offer in Hong Kong starting Wednesday, with the offering closing on 29 April at midday, the filing said.
The net proceeds will be used to expand the company’s market share in China’s water industry and diversify the project portfolio, research and development and acquisitions of technology, and for working capital purposes, China Everbright Water said.
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