IPO Pricing | Minerva Tech-W begins trading today, with 4,452.86 times subscription, priced at HKD 141 per share, earning HKD 6,240 per lot in the gray market.

Futu News reported on November 3, $MININGLAMP-W (02718.HK)$ The final pricing was set at HKD 141 per share, with a total of 7,219,000 shares issued. Each lot consists of 40 shares, and the company was officially listed today.

On the previous trading day, Miner Technology-W closed at a gain of 110.64% in the gray market, reaching HKD 297.00. Each lot consists of 40 shares, and excluding handling fees, investors earned HKD 6,240 per lot.

During the public offering phase, Miner Technology received subscriptions amounting to 4,452.86 times the offering size. The final number of shares allocated for public offering was 721,900 shares, representing approximately 10% of the total offering. A total of approximately 283,600 valid applications were received, with 18,048 processed applications. The percentage of allocated shares for one-lot applicants relative to the total applied shares was approximately 1%.

Additionally, during the international placement phase, Miner Technology received subscriptions amounting to 13.93 times the offering size. The final number of shares allocated for international placement was 6,497,100 shares, equivalent to 90% of the total offering. Futu News has compiled the relevant data in the table below:

Company Profile

MiningLamp Technology is a leading data intelligence application software company in China. According to Frost & Sullivan, MiningLamp Technology is the largest data intelligence application software provider in China by total revenue in 2024. Relying on its core technology and industry insights, MiningLamp Technology provides data intelligence products and solutions covering marketing and operational intelligence, involving both online and offline scenarios. The company is committed to leveraging large models, industry-specific knowledge, and multi-modal data to transform enterprises' marketing and operational strategy design and decision-making processes.

Financial Overview

Miner Technology's total revenue increased from RMB 1,269.3 million in 2022 to RMB 1,462.0 million in 2023, and then decreased from RMB 1,462.0 million in 2023 to RMB 1,381.4 million in 2024, primarily due to a decline in operational intelligence business revenue. For the six months ended June 30, 2024, Miner Technology recorded total revenue of RMB 565.1 million; for the six months ended June 30, 2025, the company recorded total revenue of RMB 643.8 million.

Use of Proceeds

In terms of the use of proceeds, Minglue Technology estimates that the net proceeds from the global offering will amount to approximately HKD 902 million (based on an offer price of HKD 141). According to the prospectus, Minglue Technology intends to allocate the proceeds from the global offering for the following purposes:

Approximately 35% of the net proceeds are expected to be used to enhance the company’s technology research and development capabilities over the next three years; approximately 40% of the net proceeds are expected to be allocated to product development to enrich the group’s product portfolio; approximately 15% of the net proceeds are expected to be used for marketing, brand promotion, and sales team expansion, with the aim of further expanding the company’s customer base and deepening its presence in the data intelligence industry; and approximately 10% of the net proceeds are expected to be used for working capital and general corporate purposes.

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