Hangzhou robot maker's IPO attracts nearly 9.8m accounts in fierce online subscription
Final online allocation rate drops to 0.018 per cent amid massive investor demand on Shanghai's Star Market.
Quick Look
Nearly 9.8 million accounts competed for 9.7 million shares in a Hangzhou robot maker's online IPO subscription, resulting in a final online allocation rate of just 0.018 per cent on Shanghai's Star Market.
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Why It Matters
The robot maker held an online subscription process on Shanghai's Star Market, which triggered a clawback mechanism due to high demand.
Nearly 9.8 million accounts competed in the Hangzhou-based robot maker’s online subscription process on Monday, fighting for just 9.7 million shares, its filings in the evening showed.
The final online allocation rate was just 0.018 per cent – roughly one winning lot for every 5,500 applications.
On Shanghai’s Star Market, each winning IPO lot comprises 500 shares, while investors’ application quotas depend on their eligible Shanghai-market holdings. Winners are chosen at random.
Valid online subscriptions reached 53.64 billion shares, or 8,288.82 times the 6.47 million shares initially reserved for online investors. That triggered a clawback mechanism, boosting the retail tranche to 9.7 million shares.
Open Questions
- What is the name of the Hangzhou-based robot maker?
- How much capital was raised in the IPO?
