Digitel Group, an applications service provider, priced shares in its intitial public offering at HK$1.05 each to raise HK$105 million $13.4 millon. The price was roughly at the middle of the indicative range of between HK$0.95 and HK$1.10. The funds will be used to develop web-based applications and infrastructure and to invest in potential partners.
Hong Kong-based Digitel sold 100 million shares, which will be traded on the Growth Enterprise Market. It was not immediately clear how many times the shares were oversubscribed, says William Wu, head of corporate finance at lead manager e2-Capital.
Digitel is the fifth company to list on GEM in two weeks. Dozens...
