BRIEF: Soft International to raise up to $19 million in Hong Kong IPO
Diaper and other hygienic products maker Soft International Group Ltd. (2569.HK) launched its Hong Kong IPO on Wednesday, aiming to sell 250 million shares at an offer price of HK$0.50 to HK$0.60 per share, raising up to HK$150 million ($19 million). The subscription period will end on March 24, with shares set to make their trading debut three days later. Sunny Fortune is the deal’s lone sponsor.
Soft International manufacturers baby care products under the Insoftb brand. Its revenue rose 5.6% year-on-year in the first nine months of last year to 520 million yuan ($72 million), with Russia accounting for 39.6% of sales. Its profit for the period totaled 40.46 million yuan, down 26.3% year-on-year.
The company plans to use more than half of the IPO proceeds to purchase manufacturing equipment for its core baby and women’s care products. Another 17% will go to marketing and brand enhancement, and a similar amount will be used to upgrade its warehouses and IT infrastructure.
By Lau Chi Hang
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