Cornerstone investors, which commit to hold shares for at least six months, have agreed to buy about US$220 million ($287.84 million) of Horizon Robotics stock in the offering. The company said the cornerstones include units of Alibaba Group Holding and Baidu, as well as a fund tied to the government of the Chinese city of Ningbo, confirming an earlier Bloomberg News report.
Horizon Robotics, a Chinese provider of software and hardware used in autonomous driving systems, is aiming to raise as much as HK$5.4 billion ($910 million) in its Hong Kong initial public offering, in one of the city’s most sizeable deals this year.
The company, backed by Intel, is selling 1.36 billion shares at HK$3.73 to HK$3.99 each, according to its listing document dated Wednesday. It will start taking orders Wednesday, and shares are due to start trading Oct 24.
