Horizon Robotics Inc. is preparing to make its debut on the Hong Kong Stock Exchange after a successful initial public offering that raised $696 million. The IPO was priced at the top of its marketed range, indicating strong investor interest.
Notable backers of the company include Baillie Gifford & Co. and Norway’s sovereign wealth fund. Prior to listing, Horizon Robotics' stock experienced a surge of up to 31% in the over-the-counter gray market, demonstrating high demand for shares of the Chinese company, which specializes in autonomous driving systems software and hardware.
This IPO is a significant milestone in the recovery of IPO activity in Hong Kong.