IPO News | "CMOS Image Sensor Provider" Gpixel Starts Bookbuilding, Aiming for April 17 Listing; One-lot Subscription Amount HKD 4,028.23

Futu Information, April 9 report, $GPIXEL (03277.HK)$ announced that the bookbuilding will take place from April 9 to April 14. The company plans to globally offer approximately 65.2942 million shares and expects to be listed on April 17.

Company Overview

Gpixel is a provider of CMOS image sensors (CIS). Since its establishment, the company has focused on the research and development of CIS, offering nine major product series widely used in advanced technology fields such as industrial imaging, scientific imaging, professional photography, and medical imaging. During the performance record period, the company primarily designed and sold CIS for downstream customers in the industrial imaging and scientific imaging sectors, operating in a fabless model. The company's products play a crucial role in enhancing the performance and imaging quality of industrial cameras, scientific cameras, professional cinematography cameras, and other imaging equipment.

With years of expertise in the CMOS image sensor industry, the company's customer base covers leading domestic and international manufacturers of industrial imaging equipment, scientific instrument makers, system integrators, and top research institutes. Renowned partners spanning four key application areas (namely industrial imaging, scientific imaging, professional imaging, and medical imaging) include global industry leaders, well-known research institutions, as well as domestic giants such as Hikvision Robotics, DTP Photonics$Hefei I-TEK OptoElectronics (688610.SH)$and others.

Financial Overview

Gpixel’s revenue increased by 11.3% from RMB 604.8 million in 2023 to RMB 673.0 million in 2024, and further rose by 27.3% to RMB 856.5 million in 2025. For the three years ended December 31, 2025, the company reported gross profits of RMB 384.0 million, RMB 396.9 million, and RMB 573.3 million respectively, with gross profit margins of 63.5%, 59.0%, and 66.9%.

Source: Prospectus

Use of Proceeds

In terms of use of proceeds, Gpixel expects to receive net proceeds of approximately HKD 2.504 billion from the global offering (assuming the over-allotment option is not exercised, based on an offer price of HKD 39.88). According to the prospectus, Gpixel plans to allocate the proceeds from the global offering for the following purposes:

Approximately 55% is expected to be used to increase the company’s R&D investment to drive continuous innovation and support ongoing R&D and product iteration in its key application scenarios (namely industrial imaging, scientific imaging, professional imaging, and medical imaging solutions); about 21% is expected to be used to establish an advanced CMOS image sensor R&D center; around 4% will be allocated to expanding the company’s packaging and testing production lines; about 10% will be used for enhancing overseas operations through strategic geographic expansion; and around 10% is earmarked for working capital and general corporate purposes.

More reading:Changguang Chenxin's Prospectus

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