Chinese dental services provider Arrail (6639) opens its retail book today, aiming to raise HK$680 million at HK$14.62 apiece.
The minimun investment for the offering is HK$7,383 for one board lot of 500 shares.
The initial public offering will be open till next Monday and the firm will make its debut on March 22. Morgan Stanley and UBS are the joint- sponsors for the offering.
Five cornerstone investors have invested a total of US$65 million (HK$507 million) for the IPO.
Seventy-five percent of the net proceeds, or about HK$442.4 million, will be used for business expansion, opening new hospitals and clinics in existing and new cities, it said.
Established in 1999, Arrail operates 111 hospitals and clinics across 15 first and second-tier cities in China, with 882 full-time dentists. The company is ranked as the largest dental services provider in the premium private dental service market in China in terms of total revenues in 2020, according to Frost & Sullivan.
Meanwhile, Green Tea Group, a Chinese casual restaurant operator, has been given the green light to list in Hong Kong. The company is reportedly planning to raise US$150 million, with Citi and CMB International as co-sponsors.
Also, mainland online clothing retailer Zibuyu has filed an application for an IPO in the city.
Arrail chief executive Zou Qifang and chief financial officer Xin Qin. SING TAO
