JJ Auto sets issue price, cuts down IPO size
22:35
Chinese automotive sector firm JJ Auto set the issue price in its initial public offering at €7.17 per share, the company said on Wednesday. The company is offering 100,240, putting the value of the IPO at €0.7 million.
The company had earlier planned to sell 1,777,778 shares at between €6.75-7.5 apiece. It debut on both the Warsaw Stock Exchange and the Frankfurt Stock Exchange is scheduled for June 16.
JJ Auto had earlier said that it would spend issue proceeds on launching its own distribution centers, expanding production capacity and other operational goals. On Wednesday it confirmed the investment plans and said they would be financed from the company’s own funds.
