(Bloomberg) -- China’s biggest artificial intelligence firm SenseTime Group Inc. is seeking to raise as much as $768 million from a Hong Kong initial public offering in a test of investor appetite in volatile stock markets.
The company is offering 1.5 billion shares at between HK$3.85 and HK$3.99 apiece, raising nearly HK$6 billion at the top end of the range, according to the terms of the deal obtained by Bloomberg News. Books open on Monday, pricing is expected on Dec. 10 and listing is slated for Dec. 17.
The move comes at a time of increased volatility for listings and amid a drought for big IPOs in the Asian financial hub. China Tourism Group Duty Free Corp., the world’s largest travel retailer, decided last week to suspend a $5 billion listing in Hong Kong, citing sluggish capital markets and the pandemic.
Bloomberg had reported in November that SenseTime was seeking to raise at least $1 billion with the offering. The Hong Kong Economic Journal reported details of the offering earlier citing listing documents.
Eight cornerstone investors committed to subscribe for $450 million in SenseTime shares, the terms show, representing about 59% of the offering. They include Mixed-Ownership Reform Fund ($200 million) and Pleiad Fund ($50 million).
CICC, Haitong and HSBC are joint sponsors for SenseTime’s deal.
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