Heat player aims for $318m

China's cross-provincial heat service provider Wise Living Technology opens its retail books today, aiming to raise up to HK$318 million for its initial public offering in Hong Kong.

The Jiangsu-based firm is offering 75.6 million shares at between HK$3 and HK$4.2 apiece. The minimum investment is HK$4,242 per board lot of 1,000 shares.

It was established in 2010 by Shenzhen-listed Shuangliang Eco-Energy for the "substantial room for the development of heat services," its prospectus said. It was listed on the National Equities Exchange and Quotations between 2016 and 2018 and Shuangliang's founder, Miao Shuangda, and his family own nearly 90 percent of its shares.

The heat service industry is dominated by state-owned firms and Wise Living, which provides indoor heating for residential and non-residential buildings in Shanxi, Gansu and Inner Mongolia, was the fourth largest non-state-run player by services area last year with a market share of 1.8 percent, it said in the prospectus, citing a report by Frost & Sullivan.

It is scheduled to debut on July 10.