The start-up, officially known as Knowledge Atlas Technology and marketed overseas as Z.ai, set its offer price at HK$116.20 for more than 37 million shares, with 10 per cent allocated to retail investors. The company plans to debut on January 8.
Zhipu expects net proceeds of HK$4.17 billion from its IPO, assuming no over-allotment option is exercised, based on the offer price of HK$116.20 per share. The company’s post-listing market valuation is estimated at HK$51.16 billion.
Prudential Brokerage associate director Alvin Cheung Chi-wai said Zhipu’s retail bookbuilding could attract more than 400,000 retail investors in Hong Kong amid strong investment sentiment for tech shares. However, he cautioned that Zhipu’s first-day performance was unlikely to replicate the gains of Moore Threads and MetaX, citing differences in the investment environments between Hong Kong and mainland China.
