[IPO Tracker] Explosive Subscription! BBSB INTL Soars 420% at One Point

On January 13, the Hong Kong stock market once again welcomed a 'three-pronged listing'— $BBSB INTL (08610.HK)$ 、 $GIGADEVICE (03986.HK)$ 、 $HX COLDCHAIN (01641.HK)$ All three companies went public on the same day and saw gains.

Among them, as a GEM board new stock, BBSB INTL surged nearly 420% on its first day, followed by a pullback.As of press time, the stock had risen 88.33%, trading at HK$1.13.

Based on the performance during the subscription stage,For the Hong Kong public offering, BBSB INTL received 10,745.13 times oversubscription.The final number of shares offered in the public offering was 12.5 million shares, representing approximately 10% of the total shares offered. A total of about 145,100 valid applications were received, with 3,125 processed applications. The allotment percentage for applicants who subscribed for one lot (4,000 shares) relative to the total number of applied shares was approximately 0.05%.

In addition,For the international placement, BBSB INTL was 1.01 times subscribed.The final number of shares in the international offering was 113 million shares, accounting for 90% of the total shares offered.

In comparison, the Hong Kong public offering of BBSB INTL was met with an overwhelming response. This is largely attributed to the company's 'low barrier to entry, high potential returns,' which attracted a large number of retail investors to participate actively.

The announcement revealed thatThe final offer price of BBSB INTL was set at HKD 0.6 per share (the lower end of the price range).The company ultimately raised HKD 50 million net proceeds. Each lot consists of 4,000 shares, with an entry fee of only HKD 2,828.24, making it a 'low barrier target' in Hong Kong IPOs. Ordinary retail investors can participate without requiring substantial capital. Meanwhile, strong profitability signals were already indicated during the grey market trading period, and this expectation of 'low risk, high upside potential' directly fueled the enthusiasm of retail investors.

It is worth mentioning that,As of the time of writing, its share price is currently at HKD 1.13. Excluding handling fees, each lot (4,000 shares) earns a profit of HKD 2,120.

According to available information, BBSB INTL is a civil engineering contractor based in Malaysia with over 16 years of experience, specializing in providing bridge engineering services for large-scale transportation infrastructure projects owned or initiated by the Malaysian government or government-linked entities.

Since its inception, BBSB INTL has been involved in multiple key transportation infrastructure projects in Malaysia, including the East Coast Bypass, the Ambassador Road-Damansara Expressway, the Damansara-Shah Alam Elevated Expressway (DASH), and the SUKE Highway. In 2024, based on revenue from bridge engineering operations, BBSB INTL ranked as the tenth largest bridge engineering subcontractor in Malaysia, with a market share of approximately 2.5%.

In terms of operating performance, BBSB INTL reported revenues of MYR 76.757 million, MYR 133 million, and MYR 73.986 million respectively for the fiscal years 2023, 2024, and the first six months of fiscal year 2025.Net profits for the respective periods were MYR -14.46 million, MYR 26.189 million, and MYR 3.201 million.

Author: Ming Xi

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