Digitel Prepares for IPO on Hong Kong's GEM

Now that the dust is settling after the global fall-out in technology shares, some companies are coming back to the public markets. Digitel is one of them.

Digitel Group, an applications service provider, plans to raise up to HK$110 million $14.1 million in an intital public offering on Hong Kong's Growth Enterprise Market. The funds will be used to research and develop web-based applications and software, enhance the group's internet infrastructure, invest in potential partners and create a representative office and research facility in Guangzhou.

Hong Kong-based Digitel will sell 100 million shares for between HK$0.95 and HK$1.10 each. The company presented to investors in Hong Kong last Thursday and this week is doing the same in Singapore. William Wu, head of corporate finance at lead manager e2-Capital, says the book was already covered...

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