BRIEF: Mininglamp shares double in Hong Kong debut
Shares of marketing software provider Mininglamp Technology (2718.HK) doubled in their Hong Kong trading debut on Monday, opening 98% higher and extending the gains to close at HK$286 by the midday break, up 102.84% from their IPO price.
The company said it sold 7.2 million class A shares, with the Hong Kong portion of the offering oversubscribed by more than 4,400 times and the international placement by nearly 13 times. The final offer price was HK$141 per share, raising net proceeds of HK$902 million ($116.1 million).
Mininglamp plans to use the funds to enhance its technology R&D capabilities, expand its product portfolio, strengthen marketing and branding efforts, expand its sales team and supplement its working capital.
The company reported revenue of 644 million yuan in the first half of this year, up 13.9% year-on-year, and an adjusted operating profit of 26.88 million yuan, reversing a loss in the year-ago period.
By Lee Shih Ta
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