BRIEF: Mininglamp launches Hong Kong IPO to raise $131 million

Marketing software developer Mininglamp Technology (2718.HK) launched its Hong Kong IPO on Thursday, aiming to sell 7.2 million shares for HK$141 each to raise up to HK$1.02 billion ($131 million). Trading for the stock is expected to begin on Nov. 3.

According to its prospectus, the company will use about 35% of net proceeds from the listing over the next three years to enhance its R&D capabilities, with 40% earmarked for expansion of its product portfolio, 15% for marketing, brand promotion and sales team expansion, and the remaining 10% for working capital and general corporate purposes.

Mininglamp provides data intelligence products and solutions covering both marketing and operational intelligence across online and offline scenarios. In the first half of this year, the company recorded revenue of 644 million yuan, up 13.9% year on year, with an adjusted operating profit of about 26.9 million yuan.

The company’s major shareholders include Tencent, which holds about 30%, as well as HongShan, formerly known as Sequoia China, as well as Temasek, Kleiner Perkins, and Kuaishou.

By Lee Shih Ta

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