Intelsat, a communications satellite services provider, agreed to acquire the commercial aviation business of Gogo, a provider of in-flight broadband Internet service and other connectivity services for commercial and business aircraft, for $400m.
“Consumer demand for in-flight connectivity is expected to grow at a double-digit rate over the next decade, notwithstanding the impact of Covid-19. The addition of Gogo’s commercial aviation business provides compelling strategic value for our stakeholders and makes strong commercial sense. Gogo’s business is a perfect fit with Intelsat’s expansive satellite network and infrastructure due to the breadth of Gogo’s technological solutions, global reach and operational excellence,” Stephen Spengler, Intelsat’s Chief Executive Officer.
Intelsat is advised by Alvarez & Marsal, Altman Solon, PJT Partners, Kirkland & Ellis and Kekst CNC. Gogo is advised by BDT & Co, JP Morgan, Morgan Stanley, Debevoise & Plimpton and Sard Verbinnen & Co.
Genworth Financial, a Fortune 500 insurance holding company, and China Oceanwide, a privately held, family-owned international financial holding group, provided an update on the status of their pending $2.7bn merger.
As part of the 15th waiver and agreement, which extended the merger agreement to no later than September 30, 2020, Genworth and Oceanwide agreed to an additional interim milestone. Genworth determined that Oceanwide provided satisfactory information regarding its funding plan. Genworth therefore does not intend to exercise its right to terminate the merger agreement.
Genworth is advised by Goldman Sachs, Lazard, Richards Layton and Finger, Weil Gotshal and Manges and Willkie Farr & Gallagher. China Oceanwide is advised by Citigroup, Willis Capital Markets & Advisory, Potter Anderson & Corroon and Sullivan & Cromwell.
LF Capital, a blank check company, agreed to merge with Landsea Homes, a high-growth residential homebuilder based in Newport Beach, CA, in a $631m deal.
"Landsea Homes has established a unique and differentiated homebuilding platform with significant growth prospects for the future. With a strong foothold in two high-growth real estate markets, California and Arizona, and an industry-leading program that provides a superior living environment through home automation, sustainability and energy savings, we believe this transaction will allow Landsea to reach its true growth potential. We look forward to working with the Landsea team as we introduce their compelling story to the public markets," Scott Reed, LF Capital CEO and President.
Landsea Homes is advised by Barclays, Rothschild & Co, Gibson Dunn & Crutcher and Gateway Investor Relations. LF Capital is advised by B. Riley FBR, Barclays, Raymond James and Dechert.
Thoma Bravo, a private equity investment firm focused on the software and technology-enabled services sector, completed the investment in Foundation Software, a provider of construction accounting software and payroll services. Financial terms were not disclosed.
"Over the past 35 years, Fred and his team have built Foundation into the most trusted provider of accounting software to the construction industry. The company's firm grasp on the complexities of its customers' needs and its dedication to service combine to create an unmatched suite of solutions that has allowed Foundation to consistently grow its market share and maintain a resilient customer base. We're honoured and thrilled to partner with Fred, President Mike Ode, and the Foundation Software team to drive continued growth and innovation," Carl Press, Thoma Bravo Principal.
Foundation Software was advised by Benesch Friedlander Coplan & Aronoff. Thoma Bravo was advised by Kirkland & Ellis. Debt financing was provided by BlackRock Private Credit, Goldman Sachs and Interbank.
Columbia Care, one of the largest fully integrated operators in the global cannabis industry, completed the acquisition of The Green Solution, a vertically integrated cannabis operator, for $140m.
TGS’ fully integrated portfolio includes 23 dispensaries and six cultivation and manufacturing facilities that are expected to generate approximately $89m in revenue and $19m in adjusted EBITDA in FY 2020. Columbia Care is reiterating its 2020 pro forma combined revenue guidance of $234m-$265m, with adjusted EBITDA profitability in the third quarter.
Columbia Care was advised by 5W Public Relations and LifeSci Public Relations.
AMERGINT Technologies, a provider of software-defined signal and protocol processing applications in the satellite ground, test, and data acquisition markets, completed the acquisition of a Space-based Precision Optics business from Raytheon Technologies, an aerospace and defense company. Financial terms were not disclosed.
“Renowned for designing, developing and producing optical systems that have enabled the US to observe Earth from space, Danbury Mission Technologies has been integral in supporting national security space programs designed to protect US interests. Combining our expertise, we are empowered to build a generational asset that focuses on delivering high-performance national security space technologies for the present and future,” Larry Hill, AMERGINT CEO.
AMERGINT was advised by Simpson Thacher & Bartlett and Global Results Communications.
Nolato, a solutions provider of polymer products, completed the acquisition of GW Plastics, a provider of plastics and silicones molding for every industry, including healthcare, automotive and filtration, for $230m.
The company is being consolidated as of 1 September. Just over four-fifths of GW Plastics' business will be reported under the Medical Solutions business area, with the remainder reported under Industrial Solutions. The transaction is expected to have a marginal positive effect on Nolato's earnings per share for the current year.
Bayer, a German multinational pharmaceutical and life sciences company, agreed to acquire a 70% stake in Care/of, a vitamin subscription service provider, for $225m.
"We believe this model and product type has the ability to expand into traditional retail channels as we aim to reach new consumers. Together we plan to grow the Care/of business across new channels, new categories and new markets to deliver even more personalized nutrition," Dan Childs, Bayer spokesman.
Liberty Oilfield Services, an independent provider of hydraulic fracturing services, agreed to acquire the onshore hydraulic fracturing business of Schlumberger, a provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Financial terms were not disclosed.
"From day one, the Liberty team has been laser-focused on delivering superior returns for our customers and stockholders. The last several months have been extremely challenging for the world, the industry and the Liberty family. These times also bring opportunity. This transaction will be a transformative step forward in our journey as a company. Our expanded technology portfolio and breadth of operations will enable Liberty to further raise our already high bar for safe, innovative, efficient and ESG-conscious frac operations. I look forward to the OneStim team joining Liberty on our mission to help customers provide low-cost clean oil & gas to our country and the world," Chris Wright, Liberty Chairman and CEO.
Architect Equity, a private investment firm, completed the acquisition of the Aerospace Composites division of AAR, a global aerospace and defense aftermarket solutions company. Financial terms were not disclosed.
“We are excited to enter this next phase with Architect Equity to build upon the company’s successful history of designing and manufacturing complex aerospace products. We remain very committed to delivering solutions to our long-standing customer base and to pursue new opportunities in the composites manufacturing space to drive additional growth,” Ben Vargas, Aeromatrix Composites CEO.
Strattam Capital-backed Blacksmith Applications, a provider of SaaS-based trade promotion management and optimization software, completed the acquisition of Food Sales Enablers, which provides integrated sales enablement and mobile technology solutions. Financial terms were not disclosed.
"The industry is hungry for technology that helps sales teams pinpoint exactly where net-new opportunities exist. For a long time, ordinary CRM solutions have served as basic activity monitoring systems. They have a purpose, but they haven't propelled profit. The combination of our trade system data and FSE's platform and catalogued customer insights will finally deliver an easy enablement solution that puts sales teams back on the attack. We can help them sell more by telling them exactly where to go and even what price point should win the deal. That's a CRM solution sales teams will get behind," Paul Wietecha, Blacksmith Application President and CEO.
HIG Capital-backed Circle Graphics, which provides large format digital printing servicing the out of home advertising industry, completed the acquisition of Bay Photo, a provider of photographic printing and photo finishing services. Financial terms were not disclosed.
“Bay Photo enhances Circle’s presence in the professional photography and artist markets while expanding Circle’s product portfolio into the rapidly growing segments of metal prints, albums and photobooks. The company has had a long and successful history under Larry’s leadership dating back to the 1970s, and we look forward serving as great stewards of his business going forward,” Andrew Cousin, Circle Graphics Chief Executive Officer.
FirstSun Capital, a community bank, completed the acquisition of wealth management business of CIT Group, a financial holding company and bank holding company. Financial terms were not disclosed.
"We are pleased to have completed this transaction with FirstSun where the business and team can be part of a broader wealth management strategy. We remain focused on our core strengths and creating an integrated banking offering for our key commercial and consumer segments of the market," Ellen R. Alemany, CIT Chairwoman and Chief Executive Officer.
TPG considers $8bn sale of Astound. (FS)
TPG, a private equity firm, is exploring a sale of Astound that could value the owner of a US network of regional cable TV and internet providers at more than $8bn, including debt, Reuters reported.
The potential sale would come as cable operators have seen their fortunes buoyed by consumers requiring more internet bandwidth, as they stay home to work and be entertained during the Covid-19 pandemic.
Astound’s network includes RCN, Grande Communications Networks and Wave Broadband. TPG acquired RCN and Grande for $2.25bn in 2016 and a year later bought Wave Broadband in a $2.37bn deal.
TPG has hired Morgan Stanley and JP Morgan to advise on the sale process.
Reinvent Technology Partners files for a $600m IPO.
Reinvent Technology Partners, a blank check company formed by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus, filed with the SEC to raise up to $600m in an initial public offering.
The New York-based company plans to raise $600m by offering 60m units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed price, Reinvent Technology Partners would command a market value of $750m.
The IPO is led by Skadden Arps Slate Meagher & Flom and Ropes & Gray.
General-Atlantic backed Wish filed for IPO. (FS)
General Atlantic-backed Wish, an e-commerce firm, has confidentially submitted paperwork with the US Securities and Exchange Commission to go public, Reutersreported. The San Francisco-based bargain shopping app, which was last valued at $11.2bn, did not specify whether it would choose to go public through a traditional IPO or a direct listing.
Founded in 2010 by former Google executive Peter Szulczewski and Yahoo veteran Danny Zhang, Wish has expanded rapidly beyond its home base and is currently active in over 100 countries, selling more than 3m products per day on its e-commerce platform, according to the company’s website. Wish, which has raised about $1.8bn till date, also counts the likes of Peter Thiel’s Founders Fund, GGV Capital and DST Global among its investors.
Pague Menos raises $136m in IPO.
Pague Menos, a Brazilian drugstore chain, raised $136m in an IPO. The company had to lower its price range bottom, to find enough demand for its shares, after two smaller rivals - Dimed and d1000 - recently concluded share offerings and saw their share prices plunge, Reuters reported.
The drugstore chain, which is backed by private equity firm General Atlantic, is mainly seeking resources to fund its growth. Currently, it has 1.1k stores.
J.C. Penney’s lenders are preparing to take ownership of the retailer as talks with potential outside buyers reach an impasse, an attorney for the company said in a bankruptcy court hearing Monday.
The company will continue exploring bids, Sussberg said, while it works with lenders to negotiate a debt-for-equity swap in the next 10 days. The lender group originally aimed to take over J.C. Penney’s real estate but sell the retail business.
“We’ve hit a stalemate. Our lenders will no longer be held hostage," Joshua Sussberg, Kirkland & Ellis Attorney.
Blackstone-backed Patria Investimentos raised $2bn for its Latam infrastructure fund. (FS)
Patria Investimentos, a Brazilian private equity firm, has raised a $2bn fund to invest in infrastructure in Brazil and elsewhere in Latin America targeted on logistics, energy and telecoms would be key targets.
The infrastructure fund, Patria’s fourth, was almost double the size of its previous such fund five years ago and underscored the opportunities investors see, especially in Latin America’s largest economy. Patria is 40% owned by US private equity firm Blackstone Group.
“Despite the coronavirus pandemic, we saw that many investors understood how many opportunities there are in infrastructure in the region,” Otavio Castello Branco, Patria’s founder and partner.
Americold Realty Trust completes two cold storage acquisitions for $108m.
Americold Realty Trust, the world’s largest publicly traded REIT focused on the ownership, operation, acquisition, and development of temperature-controlled warehouses, has acquired a 3.2m cubic foot cold storage facility in Tampa for $25m and closed on a previously announced acquisition of AM-C Warehouses in the Dallas-Fort Worth market totalling 13.8m cubic feet, for $83m. The acquisitions were funded with cash on hand.
“We are excited to announce the completion of these two acquisitions that further expand our presence in the Florida and Texas markets. We believe we will be able to increase the asset’s profitability over time by putting into practice our commercial business rules, enhancing the customer mix, and implementing the Americold Operating System,” Fred Boehler, Americold Realty Trust President and Chief Executive Officer.
Stewart Information Services to acquire 57 title offices for $105m.
Stewart Information Services agreed to acquire 57 title offices in the states of Arizona, Colorado and Nevada from ET Investments for $105m, and Stewart expects the deal to be immediately accretive to the company’s August equity raise of more than $100m. Historically, the title offices associated with this transaction have generated in excess of $20m in pre-tax income.
“This acquisition reflects the ideal type of core title transaction Stewart is looking to undertake as we improve scale and competitive position in priority markets, add proven industry talent and strengthen our customer and business relationships,” Fred Eppinger, Stewart Chief Executive Officer.
Reuters reported that Salt Mobile won a US court's permission to serve subpoenas on Liberty Global Chairman John Malone and Chief Executive Michael Fries in a dispute over the telecom giant's proposed $7.4bn takeover of Switzerland's Sunrise Communications.
"Salt is authorized to, and will immediately, serve subpoenas on Liberty Global, Liberty Media Corporation, John C. Malone, and Michael Fries," Salt Mobile.
Sunrise is advised by Deutsche Bank and Lenz & Staehelin. Liberty Global is advised by Credit Suisse, JP Morgan, LionTree Advisors, Homburger, Ropes & Gray and Shearman & Sterling. Freenet is advised by Citigroup.
Greencoat UK Wind, a British investment company, agreed to acquire a 25.1% stake in Walney wind farms from SSE, an energy company, for £350m ($467m).
"We are delighted to acquire SSE's 25.1% interest in Walney, which is a high quality, ROC accredited asset. The acquisition is our third offshore wind farm investment since listing in 2013, following our investments in Rhyl Flats and North Hoyle. Walney is a natural addition to our portfolio of operating UK wind farms and increases our net generating capacity to over 1GW for the first time," Shonaid Jemmett-Page, Greencoat UK Wind Chairman.
Greencoat UK Wind is advised by Jefferies & Company, Norton Rose Fulbright and Headland Consultancy.
KKR agreed to acquire a 37.5% stake in FiberCorp, a new unit of Telecom Italia, an Italian telecommunications company. The transaction is part of a plan to create a national ultrafast grid operator combining the former phone monopoly's network assets with those of smaller rival Open Fiber, for $2bn.
"The new company - of which TIM will hold 58%, KKR Infrastructure 37.5% and Fastweb 4.5% - will offer passive access services of the secondary copper and fibre networks to all operators. FiberCop will rely on the fibre infrastructure already installed by FlashFiber, without any duplication of investments and with maximum efficiency, at the same time promoting competition," Telecom Italia.
M&G, an investment manager, completed the acquisition of Ascentric, a digital wrap and wealth management platform from Royal London, a mutual life insurance service provider. Financial terms were not disclosed.
"This is a compelling transaction for Ascentric. It is very clear that M&G is aligned with our values and ethos and represents a good home for our advisers, strategic partners and staff. M&G is well-placed to take us on the next stage of our journey leveraging its scale to grow the business. We look forward to working with M&G to support our clients and customers going forward as well as through the transition from Royal London's ownership," Rob Regan, Ascentric CEO.
Private equity company Investindustrial completed the acquisition of a 73.5% stake in Della Toffola, a provider of automated machines. Financial terms were not disclosed.
Thanks to the investment of Investindustrial, Della Toffola – maintaining its strong local roots – will continue its growth and its international expansion also through acquisitions, with the aim of strengthening its positioning in the markets currently served, entering new business segments as well as in geographic areas with high potential by strengthening its local production presence.
Dutch court supports Vivendi's appeal against Mediaset pan-European plan.
Vivendi greeted a decision by a Dutch court to uphold an appeal by the French media group against plans by Italian broadcaster Mediaset to fold its businesses under a Dutch holding company to pursue international expansion, Reuters reported.
Vivendi is the second-biggest shareholder in Mediaset, which is controlled by the family of former Prime Minister Silvio Berlusconi. The two firms have been embroiled in a legal battle for the past four years following a collapsed pay-TV deal.
William Hill considers merging with Caesars Entertainment.
William Hill, a British bookmaker, completed its purchase of CG Technology, the sports-betting outfit spun off from Cantor Fitzgerald, and will now shift its focus to merging its US business with the online casino operations of longtime partner Caesars Entertainment, Bloomberg reported.
Joe Asher, US chief executive officer for William Hill, confirmed the company is in discussions with Caesars about combining their sports-betting and online-gaming businesses. Caesars already owned 20% of William Hill’s US arm under in a deal cut two years with Eldorado Resorts, which took over Caesars in July.
Citi hires Deutsche Bank’s Europe M&A Head Robin Rousseau. (People)
Citigroup has hired Deutsche Bank’s head of mergers and acquisitions for Europe, the Middle East and Africa as a senior banker, Bloomberg reported.
Robin Rousseau will become vice chairman of EMEA investment banking at Citigroup, focusing on France. He will be based in Paris and report to Philip Drury, Citigroup’s head of EMEA banking, capital markets and advisory.
Bloomberg reported that Bharti Infratel, the wireless phone tower firm, approved a merger with rival Indus Towers in a deal that includes paying about $549m for stakes owned by debt-strapped mobile operator Vodafone Idea.
Bharti Infratel agreed to merge with Indus in 2018 and received regulatory approval the following year, only to see the deal languish as a relentless price war among carriers forced some operators to combine or exit, undermining demand for wireless towers.
Indus Towers is advised by Kochhar & Co. Bharti is advised by Walker Chandiok & Co, Goldman Sachs, JP Morgan and AZB & Partners. Vodafone Idea is advised by Bank of America Merrill Lynch and Bharucha & Partners. Vodafone Group is advised by Ernst & Young, Morgan Stanley, S&R Associates, Slaughter & May and Maitland.
Alchemist Capital Partners and Credian Partners, two private equity firms, completed the acquisition of MagnaChip's Foundry Services Group, a provider of speciality analogue and mixed-signal foundry services, and FAB4, a factory in Cheongju, for $450m.
"This is an excellent outcome for all our stakeholders, including customers, employees and investors. Importantly, it will allow us to meaningfully improve our balance sheet, and fully focus as a pure-play standard products company on the attractive high-growth opportunities in our Display Solutions and Power Solutions business lines. Finally, we are confident there will also be myriad benefits for the Foundry business and its employees, who will have significant new opportunities as a result of the transaction," YJ Kim, MagnaChip CEO.
MagnaChip was advised by JP Morgan, Kim & Chang, Paul Weiss Rifkind Wharton & Garrison and Sloane & Company. The buyers were advised by KPMG, Samsung Securities, KL Partners and Lee & Ko.
Fuling ParentCo, an exempted company with limited liability incorporated under the law of the Cayman Islands, agreed to merge with Fuling Global, a manufacturer and distributor of mainly environmentally-friendly plastic and paper foodservice disposable products.
Pursuant to the terms of the agreement, each ordinary share of the Company, par value $0.001 per share, issued and outstanding immediately prior to the Effective Time other than Excluded Shares and Dissenting Shares, will be cancelled and cease to exist in exchange for the right to receive $2.35 in cash without interest, and net of any applicable withholding tax.
Fuling Global is advised by Houlihan Lokey, Conyers Dill & Pearman, Kaufman & Canoles, King & Wood Mallesons and PondelWilkinson. Fuling ParentCo is advised by Skadden Arps Slate Meagher & Flom.
Tech Data, an American multinational distribution company specializing in IT products and services, agreed to acquire Innovix Distribution, a member of Fortune Global 500-listed Jardine Matheson Group and a technology distributor in Asia, from Jardine Pacific, a holding company. The acquisition is subject to customary closing conditions and is expected to close during the third quarter of Tech Data’s fiscal year 2021. Financial terms were not disclosed.
“This investment demonstrates our commitment to the Asia Pacific region and is an important, early milestone in our transformational journey since being acquired by Apollo Global Management. The addition of Innovix reinforces our collective focus on growth and diversification, supporting Tech Data’s announced plans to transform our company into one that defines a new standard of operational and cultural excellence in our industry,” Jaideep Malhotra, Tech Data President, Asia Pacific.
Investment companies Brookfield, GIC and British Columbia Investment Management completed the acquisition of a telecom tower company of Reliance, an Indian multinational conglomerate, for $3.7bn.
"For BCI and our clients, this investment is well aligned with our long-term strategy of investing in high-quality companies and assets that fulfill essential needs of the communities in which they operate. Data services are increasingly critical to societies and economies in today's world — promoting both opportunity for individuals and potential innovation for local communities. BCI is excited by the opportunity to invest in infrastructure that will play a vital role in enabling India's continued economic growth," Lincoln Webb, BCI Executive Vice President.
The Carlyle Group agreed to acquire a 5% stake in Shenzhen Salubris Pharmaceuticals, a Chinese pharmaceutical company, for $260m.
Carlyle stepped up healthcare investments in China, buying stakes in third party independent clinical laboratory Adicon and global peptide API's manufacturer Ambio in 2018. Globally, Carlyle has invested more than $13.4bn of equity in more than 80 deals in the global health care sector as of June 2020.
Nippon Sangyo Suishin Kiko, a Japanese investment fund, agreed to acquire DNS, the sports nutrition business of DOME, a Japanese conglomerate. Financial terms were not disclosed.
"Building on the foundation DNS has built, NSSK will provide its Value Up Program to implement global-best business practices in all relevant areas, including accounting, finance, compliance and ESG. NSSK will also support DNS's sales growth by driving customer base expansion and penetration, broadening the product line-up and further refining marketing strategy," NSSK.
ByteDance Chief reevaluates TikTok options after renewed China rules.
As Donald Trump threatened to ban the US operations of the hit app TikTok, Chinese parent ByteDance’s choices seemed to be limited to selling the business for $20-30bn or leaving empty-handed.
But after China signalled it would get involved in any deal’s approval, ByteDance founder Zhang Yiming is reconsidering his options and weighing the implications of Beijing’s involvement, Bloomberg reported. The company’s regulatory team and deal negotiators are huddling to discuss whether it’s still possible to craft a sale that can win approval from both governments, an acquirer, venture investors and ByteDance itself.
Microsoft and Oracle have been deep in negotiations to buy TikTok US, submitting proposals while seeking reassurances from Washington that the Trump administration would bless their purchases. Microsoft is working on its bid with Walmart, while Oracle has won support from venture backers such as Sequoia Capital.
Geely Auto seeks $3bn Shanghai STAR Market IPO.
Geely Automobile plans to raise $2.93bn from a public share sale on Shanghai’s Nasdaq-style STAR Market to invest in new car models and technologies, Reuters reported.
China’s highest-profile automaker, thanks to parent group investments in Daimler and Volvo Cars, has set its sights on bolstering its global credentials with plans to revamp factories at home and abroad using manufacturing platforms developed with Volvo Cars.
The Hangzhou-based automaker, controlled by billionaire chairman Li Shufu, posted first-half net profit down 43% as sales slumped by 19% to 530k vehicles, hit by the Covid-19 pandemic.
ChinData prepares for $400m US IPO.
ChinData Group, a Chinese data centre owner, is preparing to file confidentially for a US IPO to raise up to $400m as it becomes the latest mainland firm to seek a New York listing, Reuters reported.
The Bain Capital-backed firm is working towards carrying out a listing shortly. A deal would make ChinData the 20th Chinese company to list in the US so far in 2020. At $400m, it would be the fifth-largest Chinese IPO in the US market this year.
Nippon Steel plans M&As overseas but not in Japan.
Nippon Steel, Japan’s top steelmaker, is seeking overseas M&As but not for further M&A deals at home, its president, Eiji Hashimoto, Reuters reported.
“We are not considering to proceed with any further M&As in Japan, but we want to seek M&As overseas,” Eiji Hashimoto, Nippon Steel next President. The key growth markets for Nippon Steel being India, the United States and ASEAN countries.
The world’s third-biggest steelmaker wants to boost its group-wide crude steel output to 100m tonnes from about 65m tonnes to become a "leading global steelmaker", he said, without giving a timeline.
Yuanfudao to raise $1.2bn in new funding.
Yuanfudao, Chinese online education platform, is set to raise $1.2bn in a new funding round, which will value it at about $13bn, DealStreetAsia reported.
Yuanfudao‘s existing investors, Tencent Holdings, Hillhouse Capital and Boyu Capital, will invest in this round. The three are vying for a leading role in the fundraising with Tencent being the frontrunner. The eight-year-old company has nearly doubled its valuation within six months. In March, Yuanfudao raised $1bn that valued it at $7.8bn.
Oled targets $168m in STAR Market IPO.
China’s Jilin Oled Material Tech, a maker of electroluminescent materials, has raised $168m from a subscription exercise ahead of its IPO on Shanghai’s Nasdaq-style STAR Market.
The company, which kicked off its online roadshow on August 21, offered 18.28m common shares at $9.17 apiece including 2.6m shares for strategic placement, 6.2m shares for an online subscription, and 9.5m shares for offline exercise, according to a company filing on August 28.
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