Bilibili launches US$621 million offering, as China techs tap markets after IPOs

HONG KONG: Chinese video platform Bilibili launched on Tuesday a convertible bond sale and a follow-on share offering that could raise around US$621 million combined, in a return to the capital markets just over a year after it went public in New York.

The follow-on offering could raise around US$321 million based on Bilibili's closing price of US$18.8 on Monday. Its shares have risen 32 percent so far in 2019. Chinese electric vehicle maker NIO, video streaming company iQIYI and e-commerce firm Pinduoduo, all 2018 IPOs, have come back to the market to raise funds.Bilibili's convertible bond is being marketed with a coupon range of between 1.375 percent and 1.875 percent, while the conversion premium - the price at which buyers can convert their bond holding into the company's shares - will fall between 32.5 percent and 37.5 percent, the term sheet showed.

Source: Financial Digest (financialdigest.net)

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