BRIEF: African diaper king Softcare to raise up to $300 million in IPO
Leading African diaper seller Softcare Ltd. (2698.HK) launched its Hong Kong IPO on Friday, aiming to sell 90.88 million shares for HK$24.20 to HK$26.20 apiece to raise up to HK$2.38 billion ($305 million). Shares will be sold in lots of 200, requiring a minimum investment of HK$5,292.85. Subscriptions will close next Wednesday, with trading set to begin on Nov. 10.
Softcare makes and sells infant diapers, training pants and feminine hygiene products across Africa, Latin America and Central Asia. The company ranks second in Africa’s diaper and sanitary napkin markets based on 2024 revenue, with 17.2% and 11.9% of those two markets, respectively.
Softcare’s revenue grew from $320 million in 2022 to $454 million last year, as its profit surged over from $18.39 million to $95.11 million over that time. Its revenue reached $161 million in the first four months of this year, up 15.5% year-over-year, while its profit rose 12.5% over that period to $31.1 million.
By Lau Chi Hang
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