China’s GigaDevice Semiconductor locks top-end pricing in $600 million Hong Kong listing

Jan 9 (Reuters) – China’s GigaDevice Semiconductor has set an offer price of HK$162 per H share ​in its Hong Kong listing, raising HK$4.68 ‌billion ($600.40 million), according to an exchange filing on Friday.

The company’s IPO ‌pricing was at the top end of its earlier marketed range of HK$132 and HK$162 per H share. It had disclosed in a filing last week that ⁠it would be ‌offering 28.9 million H shares.

Shanghai-listed GigaDevice’s Hong Kong Stock Exchange debut comes as Chinese ‍artificial intelligence and chip companies seek to raise funds in Hong Kong’s booming IPO market.

Hong Kong saw a resurgence in ​IPOs last year, becoming the world’s top destination ‌for listings, propelled by regulatory changes and pent-up demand from firms seeking access to capital after years of tough oversight from Chinese authorities.

Around $37.2 billion was raised from 115 new listings, the most since 2021, according ⁠to LSEG data.

Shares of MiniMax Group, ​the second of China’s so-called “AI ​tigers” to go public, doubled in value at their Hong Kong debut on Friday.

Semiconductor specialist ‍OmniVision Integrated ⁠Circuits is due to commence trading in Hong Kong next week.

GigaDevice said it expects to begin ⁠trading on the Hong Kong Stock Exchange on January 13.

($1 = 7.7948 ‌Hong Kong dollars)

(Reporting by Sherin Sunny in ‌Bengaluru; Editing by Shreya Biswas)