BRIEF: Carote IPO could raise nearly $100 million
Kitchenware maker Carote Ltd. (2549.HK)launched its IPO on Monday with plans to sell nearly 130 million shares, including about 10% to Hong Kong-based investors. It set the offer price at a range of HK$5.72 to HK$5.78 per share, with one lot equal to 500 shares and an entry fee per lot of HK$2,919.
The subscription deadline for share orders is Thursday, and the final pricing will take place on Friday, followed by a trading debut Oct. 2. The company could raise up to HK$750 million ($96 million) if demand is strong and the shares price at the top of their range.
Carote’s revenue in this year’s first quarter rose 72% to 500 million yuan ($71 million), while its profit rose 58% to 88.5 million yuan. Proceeds from the share sale will be used for acquisitions or investments, product development, and expansion of sales channels.
By Lau Chi Hang
To subscribe to Bamboo Works free weekly newsletter, click here
