Apple supplier Lens Technology said to price HK$4.8 billion Hong Kong listing at top of range

[HONG KONG] Apple supplier Lens Technology has raised HK$4.8 billion (S$781 million) after pricing its Hong Kong listing at the top of the marketed range, according to sources familiar with the matter.

The Shenzhen-listed company has sold 262.3 million shares at HK$18.18 each, the sources said, asking not to be identified because the information is not public. Lens Technology had offered the shares at HK$17.38 to HK$18.18 apiece.

The HK$18.18 price reflects a discount of 30 per cent to Lens Technology’s closing price of 23.74 yuan on Friday (Jul 4). Lens Technology did not respond to a request for comment.

The company, which makes mobile phone glass covers and other components for consumer electronics, joins the growing wave of China-listed companies seeking to go public in Hong Kong. Lens Technology expects the shares to start trading in the city on Wednesday.

Proceeds from the sale will be used to expand the company’s product and service portfolio, broaden its overseas presence and production capacity, as well as for work on smart-manufacturing projects such as automated industrial systems, according to a prospectus for the listing.

Citic Securities is the sole sponsor for Lens Technology’s listing. BLOOMBERG