Supply chain player aims to raise $299m

EDA Group, which is being spun off from China Lesso (2128), opened the retail books for an initial public offering in Hong Kong that aims to raise up to HK$299 million.

The offer prices range from HK$2.28 to HK$3.06 per share, and the minimum investment is HK$3,090.85 per broad lot.

Ten percent of the 97.6 million shares being issued are available for retail investors.

China Lesso shareholders are preferentially offered one stock in EDA for every 636 shares held, with an aggregate of 4.88 million shares reserved.

China Lesso will own around 40 percent of EDA after the spin-off.

Previously known as EDA Cloud Technology, EDA is a one-stop end-to-end supply chain solutions provider for e-commerce vendors, which integrates cross-border logistics, overseas warehousing and delivery services into its self-developed cloud platform, according to its prospectus.

It ranked the sixth in terms of revenue among all business-to-consumer export e-commerce supply chain solutions providers, mainly utilizing a presale stocking model, with a market share of 0.5 percent.

EDA is scheduled to be listed on May 28, and CMB International is the sole sponsor of the IPO.