Futu News, January 10th, this Monday $VANOV HOLDINGS (02260.HK)$announced that the company will issue approximately 0.114 billion shares at a price of HKD 1.22 per share, with a lot size of 2,000 shares, expected to be listed on January 11th.
During the public offering stage, Huanlong Holdings received an oversubscription of approximately 13.66 times. The final number of shares allocated to the public offering is 11.42 million, accounting for 10% of the total number of shares offered (before the exercise of any over-allotment option). A total of 9,220 valid applications were received, with a pro-rata rate of 15.01% for one lot, and a subscription rate of one hand in 20 lots.
In addition, the international offering has been oversubscribed, and the final number of shares offered is approximately 0.103 billion, equivalent to 90% of the total number of shares offered (before the exercise of any over-allotment option). The relevant data compiled by Futu News is shown in the table below:
In terms of fundraising purposes, the net proceeds of approximately 0.0928 billion Hong Kong dollars will be used for the following purposes: about 40% for the purchase of machinery to upgrade the production capacity of the second phase of the shanghai and chengdu production bases; about 20% will be used to strengthen the company's research and development capabilities; about 10% will be used for strategic acquisitions; about 20% will be used to repay outstanding bank loans to reduce the company's debt; about 10% will be used for working capital and other general corporate purposes.
According to Frost Sullivan's report, Huanlong Holdings is mainly engaged in the design, manufacturing, and sales of papermaking blankets. Based on revenue in 2020, the company...