Linklogis Inc. Set to Raise US$989 Million in Hong Kong IPO

04/07/2021 | 05:05pm

By P.R. Venkat

Tencent-backed Linklogis Inc. will raise 7.71 billion Hong Kong dollars (US$989.1 million) in net proceeds from an initial public offering in Hong Kong, to join the list of firms tapping the active fund-raising market.

The Shenzhen-based supply chain financing platform that sold 452.8 million shares has set the IPO price at HK$17.58 a piece, Linklogis said Thursday.

The company had already secured investments from investors like BlackRock Inc., Fidelity and Sequoia Funds, who had agreed to subscribe to a portion of shares of Linklogis ahead of the IPO.

Shares of Linklogis will start trading on the Hong Kong stock exchange from Friday.

The company intends to use IPO proceeds to expand cross-border operations, boost research and development, and make investments and acquisitions, among others, the filing showed.

The company is also part of a consortium that was granted a license in December to operate a digital wholesale bank in Singapore. It expects the bank to launch in 2022, offering trade and supply chain financing products including letters of credit, working-capital loans and cross-border payments.

Goldman Sachs, Citigroup and CICC are among the advisers for the offering.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

04-07-21 1905ET

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