2605.HK
Newtrend set to make IPO

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

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

Illustration of a slot machine in a Macau casino

Macao’s end of an era, and a ghost ship in search of a business

An era has ended in Macao with the planned closure of the city's remaining "satellite casinos" by the end of the year. Does this represent the latest step in the corporatization of Macao? And former financier-turned-educator-turned -food seller Qudian has announced it's pulling out of its latest foray into last-mile delivery. What value for investors is there in this kind of ever-changing company?