Shares of Hesai Group, the world’s largest supplier of lidar sensors, rose in their Hong Kong debut on Tuesday as investors tapped into the offering amid a slew of blockbuster deals in the city’s listing pipeline, reports the South China Morning Post. Trading under the code 2525, Hesai’s shares opened at HK$229.20 ($29.46), a premium of 7.7% to the offer price of HK$212.80 per share. The stock climbed as high as HK$244 before closing at HK$234.
The company sold 19.55 million shares, including 2.55 million shares through the full exercise of the offer size adjustment option, raising about HK$4.16 billion ($531 million) from its secondary listing. About 90% was allocated to international entities and the remainder was offered to Hong Kong retail investors.
The public tranche was nearly 168.65 times oversubscribed, while the international tranche drew demand of about 14.09 times the available shares.