【IPO Tracking】The largest IPO of the year is here! Midea Group is now accepting subscriptions, and will be listed on September 17th!
Midea Group launched its IPO on September 9, 2024, planning to globally issue 492,135,100 H shares at a price range of HKD 52.00 to 54.80, with an expected net income of approximately HKD 25.972 billion. The public offering in Hong Kong will take place from September 9 to 12, with the final results expected to be announced on September 16 and officially listed on September 17. In terms of cornerstone investors, Midea Group has already signed agreements to receive around USD 1.256 billion in investments, with cornerstone investors including COSCO Shipping, UBS Asset Management, and others
On September 9, 2024, Midea Group (00300.HK) launched its IPO, planning to globally issue 492,135,100 H shares, of which 467,528,300 H shares (subject to reallocation) are for international offering, and 24,606,800 H shares (subject to reallocation) are for Hong Kong offering.
The offering price per share ranges from HKD 52.00 to 54.80. After deducting underwriting commissions, expenses, and estimated expenses for the global offering, assuming the over-allotment option is not exercised and the offering price per share is HKD 53.40 (the midpoint of the offering price range), Midea Group is expected to receive net proceeds of approximately HKD 25.972 billion from the global offering, potentially becoming the largest IPO in Hong Kong this year.
The Hong Kong public offering period will start at 9:00 am on September 9, 2024 (Monday) and end at 12:00 pm on September 12, 2024 (Thursday) (Hong Kong time). The final offering results are expected to be announced no later than September 16, 2024 (Monday).
Midea Group is expected to commence trading on the Main Board of the Hong Kong Stock Exchange on September 17, 2024 (Tuesday) with the stock code 0300, and the trading unit will be 100 shares per lot.
Regarding cornerstone investors, Midea Group has entered into cornerstone investment agreements with investors. Under these agreements, the cornerstone investors have agreed, subject to certain conditions, to subscribe at the offering price or cause designated entities to subscribe for a certain number of shares (rounded down to the nearest whole trading unit of 100 H shares), with a total amount of approximately USD 1.25565 billion. Midea Group's cornerstone investors include COSCO Shipping (Hong Kong), UBS AM Singapore, National Investment Fund Phase II, Golden Link (a wholly-owned subsidiary of BYD (Hong Kong) fully owned by BYD), Splendor Achieve Limited, among others.
Midea Group is a global leading, technology-driven provider of smart home and commercial & industrial solutions.
Midea has been listed on the Fortune Global 500 list for eight consecutive years, with operations in over 200 countries and regions, 33 R&D centers globally, 43 major production bases, and over 190,000 employees worldwide.
For financial analysis, business structure, listing purposes, and potential risks of Midea Group, you can refer to the previous article "Decoding Midea Group's Hong Kong IPO: A Major IPO in Hong Kong This Year" by Caihua News