Anta Sports Shares Fall Following Share Placement Plans
By Yi Wei Wong
Anta Sports Products Ltd. shares fell in early trade Tuesday, following its plans to raise capital of US$1.49 billion via a share placement.
The sports-product company's shares fell as much as 9.0% to 99.05 Hong Kong dollars (US$12.62) in early trade. They were last 6.5% lower at HK$101.70.
In a release on Tuesday, Anta Sports said it will place an aggregate of 119 million shares at HK$99.18 each, which represents a discount of 8.8% to the last closing price of HK$108.80.
The placement represents approximately 4.4% of the total number of issued shares at the time of the announcement, it added.
The net proceeds from the subscription are expected to be around HK$11.73 billion (US$1.49 billion), after deducting all fees, costs and expenses incurred by vendors, the company added.
UBS, Morgan Stanley and Citi will act as placing agents for the issuance.
Write to Yi Wei Wong at yiwei.wong@wsj.com
(END) Dow Jones Newswires
April 17, 2023 22:29 ET (02:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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