IPO Pricing | Dajin Heavy Industry listed today, received 134.39x subscription, priced at HK$66.4 per share, with a 3% allotment rate for one board lot.

Futu News, June 5: $DAJIN (01081.HK)$ The allotment results have been announced: priced at HK$66.4 per share, with a total of 100 million shares issued, each board lot comprising 100 shares; the stock officially listed today.

During the public offering stage, Dajin Heavy Industry received 134.39x subscription. The final number of shares allocated to the public offering was 8.6966 million shares, accounting for approximately 8.7% of the total offering. A total of approximately 122,600 valid applications were received, with around 28,788 applications processed. The approximate percentage of applicants who applied for one board lot and were allotted shares is 3%.

Additionally, during the international placement stage, Dajin Heavy Industry received 10.68x subscription. The final number of shares allocated to the international offering was 91.314 million shares, representing 91.3% of the total offering. Futu has compiled the relevant data in the table below:

Company Overview

The company is a global leader in supplying core equipment for offshore wind power. With nearly two decades of experience in the wind power industry, it provides major global offshore wind farm developers with an integrated one-stop solution covering 'manufacturing + transportation + delivery' of wind power foundation equipment.

The company has proactively positioned itself in the global deep-water offshore wind market, consistently focusing on mainstream international offshore wind markets characterized by high technical standards, stringent quality requirements, and substantial commercial potential. Its core businesses include R&D and manufacturing of offshore wind foundation equipment, specialized long-distance marine transportation, vessel design and construction, wind and photovoltaic power generation, and offshore wind hub port operations.

Financial Summary

The company’s revenue amounted to RMB 43,251 million, RMB 37,797 million, and RMB 61,736 million in 2023, 2024, and 2025, respectively. Its gross profit totaled RMB 10,010 million, RMB 11,274 million, and RMB 19,192 million during the same periods, resulting in overall gross margins of 23.1%, 29.8%, and 31.1%, respectively.

Use of Proceeds

Regarding the use of proceeds, Dajin Heavy Industry’s global offering is expected to raise net proceeds of approximately HK$6.465 billion (based on the issue price of HK$66.4 per share). According to the prospectus, Dajin Heavy Industry intends to allocate the funds raised from the global offering for the following purposes:

Approximately 55.0% will be allocated to upgrading integrated deep- and far-offshore solutions, approximately 20.0% to investment in and construction of a European final assembly facility, approximately 10.0% to the company’s wholly owned global R&D center, approximately 5.0% to expanding into new overseas markets, and approximately 10.0% to general working capital and corporate purposes.

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Editor/Joe

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