B&S sizzles ahead of SAR debut today

Business | Janice Huang 14 Mar 2018

Janice Huang

B&S International, which retails in Hong Kong the popular take-away beverage brand TenRen Tea, spiked 130 percent in gray market trading yesterday, potentially giving its investors a prime chance to make good money when its shares start trading today.

Its share price closed at HK$2.30 in the gray market, up from its HK$1 IPO price, which means a paper gain of about HK$5,200 for every board lot of 4,000 shares.

The retail tranche of its public offering was oversubscribed 2,600 times.

The food and beverage company raised HK$71.1million net from its IPO, of which 65.6 percent will be used to open new retail stores. About 17.2 percent of the proceeds will be used to rent and set up two warehouse facilities with a total gross floor area of 30,000 square feet. The tenancies for the two premises are both for two years.

Meanwhile, listing candidate A&S Group (Holdings), which will also debut today, priced its IPO at 48 HK cents per share. Its retail tranche was oversubscribed 78.96 times and it raised HK$95.2 million net.

The air freight forwarding ground handling services provider plans to use 39.2 percent of the IPO proceeds to set up a new warehouse in Tuen Mun with a gross area of 130,000 sq ft. It will also upgrade its existing warehouses and offices, as well as acquire additional trucks and equipment, using 39.2 percent of the IPO proceeds. The company plans to expand the scale of its existing logistics services.

A&S Group's share price rose 10.42 percent in the gray market yesterday. One board lot of 10,000 shares can yield a paper gain of HK$500 for investors.

In other IPO action, Chinese online jewelry retailer CSMall Group closed at HK$2.39 on its debut yesterday, up slightly from its IPO price of HK$2.38. Chairman Chen He was at CSMall'S listing ceremony in Hong Kong yesterday.

Meanwhile, printing services provider Universe Printshop Holdings is seeking to raise up to HK$54 million in a public offering in Hong Kong. It has set the indicative price range for its IPO at between 20 HK cents and 24 HK cents per share.

The company will issue 225 million shares and trading of its shares will start on March 28.

Elsewhere, China Xinhua Education Group, a private higher education provider in the Yangtze River Delta, opens retail book today. It will issue 400 million shares at an indicative price range of between HK$2.82 and HK$3.69 per share. It will make its debut on March 26.

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