BRIEF: MetaLight bus app IPO finally stops in Hong Kong, to raise $31 million
Bus information service provider MetaLight Inc. (2605.HK) launched its Hong Kong IPO on Monday, aiming to sell 24.9 million shares for HK$9.75 each to raise about HK$240 million ($31 million). Subscriptions for the share sale close on June 5, with trading set to begin on June 10.
MetaLight ‘s flagship Chelaile app delivers real-time bus information across China. It covered 274 cities at the end of last year, with about 298 million registered users and 29.08 average monthly active users. The company generated revenue of 206 million yuan ($29 million) last year, up 18% year-over-year, while its adjusted net profit rose 16.6% to 54.2 million yuan.
The company will use 45% of IPO proceeds to enhance its technological capabilities, 30% for sales and marketing, 15% for team recruitment and the remaining 10% for general working capital.
By Lau Chi Hang
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