IPO Pricing | 'Smart parking space operator' Keytop Holdings debuts today, receiving over 2,100 times subscription; gray market profit per lot is HK$4,821

Futu News, June 26:$KEYTOP PARKING (02272.HK)$The allotment results have been announced: the final offer price is HK$39.55 per share, with a total of 10.1123 million shares issued. Each board lot consists of 60 shares, and the shares officially listed today.

On the previous trading day, Keytop Holdings closed up 203.16% at HK$119.90. With each board lot comprising 60 shares, the gross profit per lot (excluding fees) was HK$4,821.

During the public offering stage, Keytop Holdings received 2,115.21 times subscription. The final number of shares allocated to the public offering was 1.0112 million shares, representing approximately 10% of the total offering. A total of approximately 165,700 valid applications were received, with about 15,301 applications processed. The approximate percentage of applicants who applied for one lot and received an allotment relative to the total number of shares applied for was 2%.

Additionally, during the international placement stage, Keytop Holdings received 5.56 times subscription. The final number of shares allocated to the international offering was 9.101 million shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below:

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, Ketur Holdings expects the net proceeds from the global offering to be approximately HK$340 million (calculated based on an issue price of HK$39.55 per share). According to the prospectus, Ketur Holdings intends to allocate the net proceeds from the global offering to 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.

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Editor/Vincent

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