Nazhen Technology HK IPO sees 4.01% allotment rate for retail investors, 35x oversubscription in Hong Kong tranche
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Nazhen Technology (stock code: 09856) announced the global offering allocation results for its IPO on the Hong Kong Stock Exchange. The final offer price was set at HK$32.96 per share, with trading on the Main Board scheduled to begin on September 22, 2026. The global offering comprised 172,014,700 H-shares, with 10% allocated to the Hong Kong public offering and 90% to the international placement. The Hong Kong public offering was oversubscribed by approximately 35.16 times, receiving 37,594 valid applications, with a one-lot allotment rate of 4.01%. The international offering was oversubscribed by approximately 4.67 times, with 192 placees. The company introduced several cornerstone investors who subscribed for a total of 80,876,700 shares, subject to a six-month lock-up period. Total gross proceeds from the global offering are approximately HK$5.670 billion, with net proceeds of about HK$5.445 billion after deducting listing expenses. Joint sponsors are Citigroup and CITIC Securities.
Source report
Nazhen Technology (09856) has published its global offering allocation results, with the final offer price set at HK$32.96 per share. The company's shares will begin trading on the Main Board of the Hong Kong Stock Exchange on September 22, 2026, with a board lot size of 100 shares per hand.
Offering Details
The global offering comprises a total of 172,014,700 H shares, with no reallocation between tranches:
- Hong Kong Public Offering: 17,201,500 shares (10% of global offering)
- International Offering: 154,813,200 shares (90% of global offering)
Subscription Highlights
Hong Kong Public Offering
- Over-subscribed with 37,594 valid applications
- Subscription ratio: approximately 35.16 times
- One-hand allotment rate: 4.01%
- Group A: 12,824 accepted applicants
- Group B: 737 accepted applicants
- Top-tail applications (8,600,700 shares each): 7 applications
International Offering
- Over-subscribed with a subscription ratio of approximately 4.67 times
- Total placees: 192
Over-Allotment Arrangement
The IPO includes an over-allotment option covering 25,802,200 shares, which may be covered through the exercise of the over-allotment option or secondary market purchases.
Cornerstone Investors
The company has secured multiple cornerstone investors, who have collectively subscribed for 80,876,700 offer shares. These shares are subject to a six-month lock-up period.
Proceeds and Sponsors
Based on the final offer price, the total gross proceeds from the global offering amount to approximately HK$5.670 billion. After deducting listing expenses, the net proceeds are approximately HK$5.445 billion.
Joint sponsors: Citigroup and CITIC Securities.
Source
金吾资讯Eastern
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