InnoSec (02577.HK), engaged in Gallium Nitride power Semiconductors Business, announced the details of its initial public offering, proposing a Global sale of 45.364 million shares, with 10% for the Hong Kong public offering and 90% for the international offering. The offering price ranges from 30.86 to 33.66 HKD per share. The entry fee for a board lot of 100 shares is 3,399.95 HKD. The offering starts today (18th) and will close next Monday (23rd) at noon, with the expected listing on December 30th. The joint sponsors are CICC and China Merchants Bank International.

The company’s listing has attracted four cornerstone investors, including STHK under STMicroelectronics N.V. (STM.US), Jiangsu State-Owned Enterprise Mixed Ownership Reform Fund, Dongfang Chuanglian, and Suzhou SSE High-End Equipment Manufacturing 60 Index, who have collectively subscribed for approximately 0.1 billion USD of the company's shares.

Based on the median offering price of 32.26 HKD, the company expects to net approximately 1.364 billion HKD from the listing, of which around 60% will be used as one source of funding to expand the 8-inch Gallium Nitride wafer production capacity, purchase and upgrade production equipment and machinery, and recruit production staff; about 20% will be used for research and development and to expand the product portfolio; about 10% will be used to expand the Global distribution network for Gallium Nitride products; and about 10% will be used for working capital and other general corporate purposes.

InnoSec is the world's first company to achieve mass production of 8-inch silicon-based Gallium Nitride wafers and is also the only company capable of providing a complete voltage spectrum of silicon-based Gallium Nitride Semiconductor products at an industrial scale. According to Frost & Sullivan, in terms of revenue, the company ranked first among all Gallium Nitride power Semiconductors companies globally in 2023.