Building and health firms to raise $500m

Business | Avery Chen 31 Mar 2020

Two local companies opened retail books for Hong Kong initial public offerings yesterday to raise about HK$500 million in total.

Lotus Horizon, a subcontractor for facade work and metal finishing work, is offering 500 million shares at HK$0.25 to HK$0.29 per share. That means it could raise as much as HK$145 million. The minimum investment is HK$2,343.38 for a board lot of 8,000 shares.

Meanwhile, Tycoon Group, proprietary Chinese medicine and health supplements maker, plans to raise up to HK$292 million through the Hong Kong IPO. The company said it started to sell more than 50 epidemic prevention products such as hand sanitizers, wet wipes, surgical masks and thermometers after the Covid-19 outbreak.

Tycoon is offering 192 million shares at an indicative price range between HK$1.48 and HK$1.52 per share. The minimum investment is HK$3,070.63 for a board lot of 2,000 shares.

The two companies are set to start trading on the main board on April 15.

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