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IPOs

ZTE Sets IPO Price at HK$22

ZTE Corp. (Shenzhen: 000063) has priced its Hong Kong IPO at the top of its proposed range at HK$22 (US$2.83) per share, setting it on course to raise more than $450 million from the listing.

The vendor had set a range of HK$17.5 to HK$22 for the shares that will start trading in Hong Kong on December 9 (see ZTE Unveils Hong Kong IPO).

It says it's ready to sell 141 million shares, which would raise HK$3.1 billion ($399 million), and has an over-allotment option to sell a further 19 million shares, which would raise a further HK$418 million ($53.8 million).

ZTE plans to use about 60 percent of the proceeds to fund further international expansion (see ZTE: Set for Overseas Explosion).

ZTE's share price climbed 1.16 renminbi, more than 4 percent, to close at RMB28.10 on the Shenzen stock exchange on Friday.

— Ray Le Maistre, International News Editor, Light Reading

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