Ilusiv IPO Draws 414x Oversubscription, Raising HKD 3.5B

Public Offering Oversubscribed by 414 Times

GPU and AI solutions company Ilusiv (天數智芯, 09903.HK) confirmed extraordinary investor interest in its initial public offering, with the retail portion being 414.24 times oversubscribed. The intense demand pushed the allotment rate for a single 100-share lot down to just 7%. The company priced its shares at HKD 144.6 each, securing net proceeds of HKD 3.509 billion. The stock is scheduled to begin trading on the Hong Kong Stock Exchange on Thursday, January 8, 2026.

Cornerstone Investors Secure 43% of Offering

Institutional demand proved equally robust, as the international placement was 10.68 times oversubscribed. Underscoring long-term confidence in the company, a group of 19 cornerstone investors subscribed to 10.94 million shares, representing a significant 43.02% of the total offering. This consortium includes prominent technology firms such as ZTE (00763.HK) and Fourth Paradigm (06682.HK). The heavy cornerstone participation, coupled with broad institutional interest, signals strong market conviction in Ilusiv's growth prospects within the AI sector.