Single-engine piston and jet private plane manufacturer, Cirrus (02507.HK), has announced details of its IPO, planning to sell 54.8759 million shares worldwide, with 10% available in Hong Kong and 90% available internationally. The offer price ranges from HKD27.34 to HKD28 per share, with an entrance fee of HKD2,828.24 for every 100 shares. The IPO starts today (June 28), and the deadline for application is at noon on July 9. The expected listing date is July 12. The exclusive sponsor is CICC.

The company has introduced 5 cornerstone investors for the IPO, including Guodiao Fund II, Taicang Gaoke, Changshu Dongnan, Wuxi Jianfa Xintou, and Wuxi Jintou, collectively subscribing to HKD851 million in company shares.

If calculated at the median offer price of HKD27.67, the company's IPO is expected to raise approximately HKD1.394 billion in net funds. Roughly 30% will be used to further promote the product portfolio, existing products, features, and functions; 30% will be used to improve production efficiency and capacity; approximately 30% will be used to enhance and expand the service, sales, and support ecosystem by providing funding for products and services offered within the ecosystem; and the remaining 10% will be used for general operating expenses and other general corporate purposes.