News: Microelectronics
7 January 2025
InnoScience floats in IPO on Hong Kong Stock Exchange
Shares in China-based gallium nitride-on-silicon (GaN-on-Si) power chip maker InnoScience (Suzhou) Technology Holding Co Ltd began trading on 30 December after being listed on the Main Board of the Hong Kong Stock Exchange in an initial public offering (IPO) of 45.36 million shares at HK$30.86 each, raising gross proceeds of HK$1.4bn (US$180m). The offer price range had been HKD30.86-33.66, aiming to raising up to HKD1.527bn ($193m).
The total number of issued shares is 879.155 million, giving InnoScience total market value of HK$27bn.
Of the offer shares, 55.38% were taken up by four cornerstone investors: ST Hong Hong (a subsidiary of Europe-based STMicroelectronics Ltd) at US$50m (comprising 27.76% of offer shares, and 1.43% of share capital), Jiangsu Govtor Inno Technology Ltd (a subsidiary of the Jiangsu State-owned Enterprise Mixed Ownership Reform Fund) at US$25m (13.88% of offer shares, and 0.72% of share capital), and HK InnoSC Ltd (a subsidiary of the Jiangsu Suzhou High-end Equipment Industry Special Parent Fund) and Inno CL (a subsidiary of Suzhou Oriental Chuanglian Investment Management) each at US$12.5m (6.87% of offer shares, and 0.35% of share capital).
InnoScience aims to use 60% of the IPO’s net proceeds of HK$1.3bn to expand capacity for its 8-inch GaN wafers over the next five years from 12,500 wafers per month in 2024 to 70,000wpm in 2029, and 20% for R&D and to expand the firm’s product portfolio.
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