Horizon Robotics Starts IPO, with Investment From Alibaba and Baidu
On October 16, Horizon Robotics, a smart driving solutions company, focused on providing intelligent driving solutions, launched its IPO in Hong Kong.
In this IPO, Horizon Robotics plans to globally issue 1,355,106,600 shares of stock, with 135,511,200 shares for public offering in Hong Kong accounting for approximately 10%; international placement of 1,219,595,400 shares accounting for about 90%, and an additional over-allotment option of 15%. The price range is set at HK$3.73 to HK$3.99 per share with a fundraising cap of around HK$5.4 billion. Goldman Sachs, Morgan Stanley and China International Capital Corporation are acting as joint sponsors. It is expected that the shares will be listed on The Stock Exchange of Hong Kong on October 24.
During the IPO period, Horizon Robotics attracted active participation from numerous well-known domestic and foreign institutional investors including Alibaba Group Holding Limited, Baidu Inc., CMA and a government fund from Ningbo City as cornerstone investors with a total subscription amounting to approximately USD $220 million.
The prospectus shows that Horizon Robotics is a leading provider of advanced driver assistance systems (ADAS) and high-level autonomous driving (AD) solutions for passenger vehicles in the market. According to China Insights Consultancy, starting from 2021, based on the total installed solution volume, Horizon Robotics is the first and largest Chinese company providing mass-produced advanced driver assistance and high-level autonomous driving solutions annually. As of now, Horizon’s integrated software and hardware solutions have been adopted by 27 OEMs (42 OEM brands), equipped in 290 models, with all top ten Chinese OEMs choosing Horizon’s intelligent driving solutions.
