On December 18, Innoscience announced that the company plans to globally offer 45.364 million H-shares, with 4.5364 million shares available for Hong Kong and 40.8276 million shares for international subscription, including an over-allotment option of 15%. The subscription period is from December 18 to December 23, 2024, with the expected pricing date on December 24. The offer price will range from HKD 30.86 to HKD 33.66 per share, with China International Capital Corporation and CMB International serving as joint sponsors. Shares are expected to begin trading on the Hong Kong Stock Exchange on December 30, 2024.

(Source: Innoscience Holdings Prospectus)

Company Overview

The company is driving innovation in the global power semiconductor industry, focusing on the development of gallium nitride (GaN) power semiconductors. It has become the first company in the world to achieve mass production of 8-inch silicon-based GaN wafers. Due to its high frequency and low on-resistance characteristics, GaN is becoming an important material in the power semiconductor industry. According to Frost & Sullivan, the company holds market shares of 0.2% globally and 0.4% in China for power semiconductors, while ranking first in the GaN sector.

The company plans to raise approximately HKD 1.3637 billion through the global offering, which will be used to expand GaN wafer production capacity, develop new products, enhance market penetration, and expand its global distribution network. Of the funds raised, 60% will be allocated to increasing the monthly production capacity of 8-inch GaN wafers, 20% for research and development, 10% for the distribution network, and the remaining 10% for working capital.

Additionally, the company has reached agreements with several cornerstone investors, including STMicroelectronics, to subscribe for shares totaling USD 100 million. These investors are significant participants in the semiconductor industry and support the company's development strategy.

You can subscribe to the new Hong Kong IPO through uSMART HK.

The uSMART HK app features a dedicated IPO center, offering exclusive promotions for customers to subscribe to public offerings in real time. After logging in the uSMART HK APP, select the transaction at the bottom right, click "IPO Subscription", select the IPO you want to subscribe, click "Public Subscription", fill in the subscription number and send the order.

（Source: uSMART HK）