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On September 27, GCSemi unveiled the specifics and the success rate of its online subscription for its initial public offering (IPO) and subsequent listing on the Growth Enterprise Market (GEM). The stock was priced at RMB 12.01 per share, with an initial batch of 513 million shares on offer. Should the over-allotment option be fully utilized, the total share issuance would surge to 590 million shares. The online subscription drew in 14.4354 million valid applications, with a staggering 423.383 billion shares subscribed in total. Following the activation of the clawback mechanism, the final number of shares issued online settled at 179 million, marking a success rate of a mere 0.0423786759%. The valid subscription multiple soared to an impressive 2359.68 times, indicating intense investor interest despite the low allocation rate.
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