Impro Precision Announces Offer Price and Allotment
Final Offer Price Determined at HK$3.00 per Offer Share
Listing on the Main Board of the Hong Kong Stock Exchange
on 28 June 2019
A global top 10 manufacturer of high-precision, high-complexity and mission-critical casting and machined components, Impro Precision Industries Limited (“Impro Precision” or the “Company”, together with its subsidiaries, the “Group”, stock code: 1286), today announced its offer price and the allotment results of its global offering. Dealings in the shares of the Company on the Main Board of The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”) are expected to commence at 9:00 a.m. on 28 June 2019 (Friday) under the stock code of 1286, with a board lot of 1,000 Shares.
Total newly issued Shares (before green shoe) are 333,300,000 shares, representing 18.2% of enlarged share capital. The International Offer Shares initially offered under the International Offering have been moderately over-subscribed. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been moderately over-subscribed by approximately 2.72 times of the total number of 33,330,000 Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.
The final offer price was determined at HK$3.00 per Offer Share. The gross proceeds from the Global Offering to be received by the Company is approximately HK$1.0 billion and will be used to expand and upgrade production capacity, which also apply for the Mexico plants development; repay interest-bearing banks borrowings; selectively pursue potential acquisitions of businesses that complement the Group’s business model and are in line with the Group’s growth strategy; and for working capital and general corporate purposes.
Morgan Stanley Asia Limited and BOCI Asia Limited are the Joint Sponsors. Morgan Stanley Asia Limited, BOCI Asia Limited, GF Securities (Hong Kong) Brokerage Limited and AMTD Global Markets Limited are the Joint Global Coordinators. Morgan Stanley Asia Limited (in relation to the Hong Kong Public Offering only), Morgan Stanley & Co. International plc (in relation to the International Offering only), BOCI Asia Limited, GF Securities (Hong Kong) Brokerage Limited, AMTD Global Markets Limited and DBS Asia Capital Limited are the Joint Bookrunners and Joint Lead Managers.
Mr. LU Ruibo, the Chairman of Board and Chief Executive Officer of Impro Precision, said, “We are very grateful for the support and attention from all the investors. The keen response to our Global Offering proves investors’ trust in the Company. Getting listed on the Main Board of the Hong Kong Stock Exchange not only is an important milestone to the Group’s development but also lays a solid foundation for the long-term development of the Group. Looking ahead, the Group will continue to focus on high-precision, high-complexity and mission-critical casting, and provide one-stop solutions. We believe, by deepening the relationship with existing customers, actively exploring opportunities for cooperation with leading customers in other global industries, and continuously optimizing one-stop solutions, the Group will consolidate the leading market position and further bring good return for our shareholders and investors.”
About Impro Precision Industries Limited
Impro Precision Industries Limited, was founded in 1998 in Wuxi City and its global headquarters was moved to Hong Kong in 2011. The Group is a global top 10 manufacturer of high-precision, high-complexity and mission-critical casting and machined components for diverse end-markets. According to the Roland Berger Report, the Group was the world’s 7th largest independent and China’s largest investment casting manufacturer and also the world’s 4th largest precision machining company in the end-markets of automotive, aerospace and hydraulics, each in terms of total revenue in 2018. The Group was also one of the few domestic suppliers offering one-stop solutions, including initial research and development, tooling design and manufacturing, casting, secondary machining, heat treatment and surface treatment. Impro Precision has established global footprint of 15 production facilities in China, Turkey, Germany, the Czech Republic and Mexico, which are supported by 9 sales offices in China, North America, Luxembourg, Turkey, Germany and Hong Kong, as well as warehousing capacities in China, North America, Luxembourg and Turkey. The Group has established long-term strategic cooperative relationships with a number of globally recognized industry leaders, selling its products to more than 30 countries and regions.