[IPO Tracker] Unbelievable! This "fishing stock" doubled on its debut, earning over 6,500 per lot!

On February 10, the world's largest fishing gear manufacturer $RIDGE OUTDOOR (02720.HK)$ successfully listed on the Main Board of the Hong Kong Stock Exchange, drawing significant attention from the capital markets.

On its first day of listing, Lexin Outdoor's stock price opened significantly higher in the morning session. As of the time of writing, the increase has reached 107.51%, with a turnover of 111 million Hong Kong dollars and a total market value rising to 3.262 billion Hong Kong dollars. Calculating with a board lot of 500 shares, and excluding handling fees, investors could earn more than 6,500 Hong Kong dollars per lot.

During the recent global offering stage, Lexin Outdoor received enthusiastic market response. The Hong Kong public offering portion was subscribed approximately 3,654.23 times, making it the second most subscribed new stock this year after $BBSB INTL (08610.HK)$ , significantly higher than the subscription performance of new stocks such as $BUSYMING (01768.HK)$ and Zocz Medical (02677.HK). The international offering portion of the company was also oversubscribed, with a subscription ratio of 2.94 times.

The net proceeds from this IPO amounted to approximately 285 million Hong Kong dollars. The company plans to allocate around 45% for brand development and promotion; 25% for product design, development, and the construction of a global fishing tackle innovation center; 20% for upgrading production facilities and enhancing digital capabilities; and the remaining 10% will be used as working capital and for general corporate purposes.

Based on 2024 revenue, Lexin Outdoor holds a 23.1% share of the global fishing gear market, ranking first in the industry. The company's product range is extensive, primarily including chairs, beds, rod holders, and related accessories; single-shoulder bags and fishing tackle bags; and tent-like items such as fishing shelters and sunshades.

The company’s products are sold in over 40 countries and regions worldwide, covering both mature markets with deep-rooted fishing cultures such as the UK and the US, as well as rapidly growing emerging markets like China and Southeast Asia.

Currently, Lexin Outdoor’s revenue mainly comes from OEM/ODM businesses, which accounted for 93.1% of total revenue in the first eight months of 2025. The company is also actively developing its own brands and acquired the well-known UK carp fishing brand Solar in 2017.

In terms of performance, Lexin Outdoor has experienced fluctuations in recent years: both revenue and net profit dropped significantly in 2023, but growth resumed in 2024 and the first eight months of 2025. In the first eight months of 2025, the company generated revenue of 460 million yuan and a net profit of 56.241 million yuan during the period.

For further insights into Lexus Outdoor’s fundamental analysis and business line evaluation, please refer to past related reports by Caihua News Agency titled '[IPO Watch] Are 'fishing enthusiasts' no longer big spenders? Lexus Outdoor sees a reversal in performance》

Author: Yuan

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