Ask the Way (02438.HK) announced that the overall coordinator partially exercised the oversubscription right as stated in the prospectus on May 19, 2024 (Sunday), involving a total of 10.427 million shares, equivalent to 12.33% of the total number of shares sold worldwide before the exercise of the oversubscription right.
The oversubscribed shares were issued and distributed at the IPO issue price of HKD 3.80 per share, raising additional funds of approximately HKD 39.6226 million. After deducting underwriting commissions and other estimated expenses, the net amount of additional funds received is approximately HKD 37.9 million, which will be used proportionally for the purposes set out in the "Use of Proceeds" section of the prospectus.
The oversubscribed shares will be listed and traded on the main board of the HKEx from May 22.
Ask the Way (02438.HK) was successfully listed on the main board of the HKEx on April 24, 2024, issuing 84.568 million shares at HKD 3.80 per share with a total fundraising of approximately HKD 321 million and a net amount raised of approximately HKD 267 million. Together with the additional funds raised from the partial exercise of the oversubscription right, the total IPO fundraising amount of Ask the Way is approximately HKD 361 million.
Among the three new listings on the HKEx in April 2024, in addition to Ask the Way, the other two new listings were Chabaida (02555.HK) and Tianjin Development (02515.HK), neither of which exercised their oversubscription rights and have both publicly announced.
