Media365
Softcare surged as much as 34 per cent above its offer price on its Hong Kong debut on Monday, as investors flocked to buy shares in the Africa-focused hygiene-products maker’s HK$2.38 billion (US$306 million) initial public offering (IPO).
Trading under the stock code 2698, Softcare’s shares opened at HK$34.98 compared with its offer price of HK$26.20, which was set at the top end of the marketed range.
“This moment belongs not only to Softcare but also to our customers, partners, shareholders and every member of our team who have spent the past 15 years building our presence across Africa and other emerging markets,” said chairman Shen Yanchang at the listing ceremony.
“We will fully leverage Hong Kong’s international capital market platform to deliver better products to consumers, create opportunities for our employees and provide stable returns for shareholders.
“We will continue to participate in economic development in emerging markets, improve local livelihoods, advance sustainable development and contribute to China and other developing economies.”
The IPO was one of the most heavily oversubscribed consumer offerings in Hong Kong this year. The retail tranche attracted a subscription of 1,813.77 times, while the international offering was 34.3 times covered, according to the company.
