Robosense shares fall on debut in first Hong Kong IPO of 2024
Publishing timestamp: 2024-01-04 23:21:36
Summary
Robosense, a Chinese developer of LiDAR sensors for self-driving cars, raised $126.14 million in its IPO. The IPO saw oversubscription from international investors, but the public offering was only 0.58 times subscribed. Shares of Robosense fell 2% on its debut. The IPO's cornerstone investor was Nanshan Strategic Emerging Industries Investment, and Alibaba's logistics arm, Cainiao, was Robosense's biggest pre-IPO shareholder. The company plans to use the IPO proceeds for research and development, sales and marketing, and general working capital.
Sentiment: NEUTRAL
Tickers: BABA,
Keywords: autos, alibaba group holding ltd, technology, business news, breaking news: technology, ipo,
Source: https://www.cnbc.com/2024/01/05/robosense-technology-ipo-debuts-in-hong-kong-the-first-in-2024-.html