UPDATE: AMTD International, Inc. (HKIB) Prices 20.76M ADS IPO at $8.38/ADS

August 5, 2019 5:55 AM EDT
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Price: $5.30 -5.02%

Overall Analyst Rating:
    BUY (= Flat)

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(Updated - August 5, 2019 5:57 AM EDT)

AMTD International, Inc. (NYSE: HKIB), a subsidiary of AMTD Group, a premier Hong Kong-headquartered financial institution, Asia’s No. 1 independent investment banking firm1 and the largest independent asset management firm in Asia for PRC regional banks and new economy companies2, announced the pricing of its initial public offering of 20,759,700 American depositary shares (“ADSs”) at a price to the public of US$8.38 per ADS on August 2, 2019. In addition, the Company has granted the underwriters a 30-day option to purchase up to an aggregate of 3,113,955 additional ADSs from the Company to cover over-allotments. The total gross proceeds of the offering are expected to be approximately US$200 million if the underwriters choose to exercise their over-allotment option in full.

The listing represents the first Hong Kong home-grown financial institution and the first Asian independent investment banking firm to list on the New York Stock Exchange (“NYSE”).

The ADSs are expected to commence trading on the NYSE on August 5, 2019 under the ticker symbol “HKIB.” The transaction is expected to close on August 7, 2019, subject to customary closing conditions.

The Company intends to utilize the net proceeds from the public offering to invest in AMTD’s business and infrastructure expansion, fund potential acquisitions and investments, and use the remainder for general corporate purposes.

AMTD Global Markets Limited and Loop Capital Markets LLC. are the lead underwriters of this offering, with the support of other underwriters.

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