Honk Kong based artificial intelligence company SenseTime Group has launched its Hong Kong initial public offering (IPO) in which it seeks to raise $767 million from, according to a term sheet revealed on December 6.
Citing the term sheet, the company will be selling 1.5 billion primary shares with each shares going for between HK$3.85 and HK$3.99. Direct sources involved in the matter, revealed that investor demand to buy the company’s shares has already covered the institutional tranche of the IPO several hours after the IPO was launched.
The term sheet further shows that before the launch of the IPO, 8 cornerstone investors had already signed up for the IPO and subscribed for 450 million shares representing 58.6% of the total shares.
The company will be using proceeds from the IPO to finance research and development of its main artificial intelligence technologies. Shares of the company will commence trading on the Honk Kong stock exchange starting from December 17.