Futu News reported on January 13th, this Thursday $JLMAG (06680.HK)$Announcement: The company issued approximately 0.1255 billion shares, priced at 33.8 Hong Kong dollars per share, with a board lot of 200 shares, expected to be listed on January 14th.
During the public offering stage, JL Mag Rare-Earth received approximately 2.39 times oversubscription. The final number of shares allocated for public offering is 25.0936 million shares, accounting for approximately 20% of the total shares for public offering (before any exercise of the additional shares option). A total of 18,275 valid applications were received, with a 100% allotment rate.
In addition, the international offering was oversubscribed, with the final number of shares for sale being approximately 0.1 billion shares, equivalent to around 80% of the total shares for sale (before any exercise of the additional shares option). Futu News has compiled the relevant data as shown in the table below:
In terms of fundraising purposes, the company plans to use the net proceeds of approximately 4.045 billion yuan from the global offering for the following purposes: approximately 35% for the construction of the Ningbo production base; approximately 25% expected to be used for potential acquisitions by the end of 2023 to expand the company's global industry chain layout; approximately 20% expected to be used for the company's research and development; approximately 10% to be allocated for repayment of the loan for the construction of the Baotou production base project; and approximately 10% expected to be used for the company's working capital and general corporate purposes.
The company is a leading high-performance rare earth permanent magnet material manufacturer. According to Frost & Sullivan, the company's market share of high-performance rare earth permanent magnet material production in 2020...