- RoboSense expects to receive up to HK$1 billion from the new share placement, with 70 percent of the money going to R&D, mainly in the field of robotics.
- The placement price is HK$46.15 per share, a discount of about 8.43 percent to RoboSense's closing price in Hong Kong on February 25.
Hong Kong-listed LiDAR maker RoboSense Technology (HKG: 2498) plans to raise funds through the issue of new shares to bolster its research and development (R&D) ammunition, particularly in the field of robotics.
RoboSense entered into a placing agreement with agents on February 26 to offer up to 22 million new shares to no fewer than six institutional investors, according to a Hong Kong stock exchange announcement today.
The share placing price is HK$46.15 per share, representing a discount of 8.43 percent to RoboSense's closing price of HK$50.40 per share in Hong Kong on February 25.
The total number of the new shares represents about 4.89 percent of the number of shares of the company in issue and about 4.66 percent of the enlarged shares.
RoboSense expects to receive up to HK$1 billion from the share placement, or about HK$989 million after commissions and estimated expenses.
The company plans to use 70 percent of the new financing for research and development, mainly in the field of robotics, 20 percent for building and upgrading production lines and 10 percent for exploring potential strategic partnerships.
RoboSense is one of the largest LiDAR manufacturers in China and was listed on January 5, 2024 in Hong Kong.
On February 24, the company announced that it reached delivery of its 1 millionth LiDAR.
In 2024, RoboSense sold 544,200 units of its LiDAR products, up 113 percent from 256,000 units in 2023, according to data it announced on January 7.
The company sold 519,800 units of LiDAR products for ADAS (Advanced Driver Assistance System) in 2024, contributing 95.52 percent of total sales.
LiDARs for robotics and other products sold 24,400 units in 2024, contributing 4.48 percent.
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