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MTT Group Kicks Off Up to $51 Million Hong Kong IPO

MT Newswires ·  09/13 14:48

02:46 AM EDT, 09/13/2022 (MT Newswires) -- MTT Group Holdings (HKG:2350) launched its initial public offering in Hong Kong on Tuesday that seeks to raise as much as HK$134.4 million ($17.1 million).

The IT solutions provider will issue 156,250,000 shares at HK$0.80 to HK$0.86 apiece. Of the total shares on offer, 15.6 million are earmarked for Hong Kong investors.

An overallotment option of up to 5.03 million shares can be exercised if there is strong demand for the IPO.

The Hong Kong-headquartered company lined up five cornerstone investors, including Asia Tele-Net and Technology (HKG:0679), with HK$33 million worth of subscriptions between them to anchor the IPO.

MTT Group expects to determine the final IPO price on Sept. 16 and disclose the allocations on Sept. 23. It intends to start trading on the Hong Kong bourse on Sept. 26.

Proceeds will be used for business expansion, product portfolio enrichment, technology and system upgrades, marketing activities, as well as for working capital.

Innovax Securities, China PA Securities, Canfield Securities and Sinomax Securities are the joint bookrunners and lead managers of the IPO.

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