China’s Black Sesame International is seeking to raise up to $144 million through an initial public offering (IPO) on the Hong Kong stock exchange, a filing showed on Wednesday.
Black Sesame is the second company seeking to go public in the city under new listing rules for specialist technology companies, after Tencent-backed QuantumPharm raised HK$987 million ($126.35 million) earlier this month.
Hong Kong Exchanges and Clearing introduced the rules in March last year as it sought to attract more issuers from the new economy sector. The regulations lowered the requirements for revenue and market capitalisation for listing.
Black Sesame will issue about 37 million shares under the global offering priced up to HK$30.30 per share, or up to HK$1.12 billion ($143 million), according to the firm’s regulatory filing.
The company develops automotive-grade computing System-On-Chips (SoC) and SoC-based intelligent vehicle software solutions.
($1 = 7.8112 Hong Kong dollars)
Reuters