New IPO News | Smart parking space operator Keytop Holdings has launched its IPO subscription and is scheduled to list on June 26, with a minimum subscription amount of HK$2,396.92 per lot

Futu News, June 17:$KEYTOP PARKING (02272.HK)$An announcement was issued stating that the offering period will run from June 17 to June 23. The company plans to globally offer approximately 10.1122 million shares, with listing expected on June 26.

Company Overview

The company is a smart parking space operator driving urban parking transformation. Since its establishment in 2006, it has grown into an integrated parking industry group offering intelligent parking systems, intelligent parking management services, and parking lot operations. According to a CIC Consulting report, based on revenue for 2024, the company ranks second in China's smart parking space operation sector, with a market share of 3.3%.

The company focuses on integrating technology to connect the three key elements of urban parking: people, vehicles, and parking facilities. Leveraging nearly two decades of operational experience and an extensive network of parking lots and users, the company is well-prepared to meet large-scale parking demands. Its goal is to enhance urban parking management capabilities, improve operational efficiency, and elevate service quality—delivering compelling value propositions both to parking facility owners and operators, as well as to vehicle owners and drivers.

Financial Summary

The company’s revenue increased by 83% from RMB 7,380 million in 2023 to RMB 7,995 million in 2024, and further rose by 39% to RMB 8,306 million in 2025. Net profit for 2023, 2024, and 2025 was RMB 870 million, RMB 867 million, and RMB 937 million, respectively. The company’s gross margin remained relatively stable at 45.9% in 2024 and 46.4% in 2025.

Use of Proceeds

Regarding the use of proceeds, Keytop Holdings expects the net proceeds from the global offering to be approximately HK$340 million (assuming the over-allotment option is not exercised and calculated based on the issue price of HK$39.55 per share). According to the prospectus, Keytop Holdings intends to allocate the proceeds from the global offering for the following purposes:

Approximately 35% of the net proceeds will be used to advance our research and development activities and enhance our technological capabilities. Approximately 35% of the net proceeds will be used to deepen our parking lot operation business and expand our operational scale. Approximately 20% of the net proceeds will be used to extend our marketing and service network and further explore global expansion opportunities. Approximately 10% of the net proceeds will be used for working capital and other general corporate purposes.

Further reading:Keytop Holdings Prospectus

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Editor/Vincent

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