Core Viewpoint - The successful IPO of JuShuiTan, a leading e-commerce SaaS provider in Hong Kong, highlights the growing interest in the SaaS sector, with significant investor demand reflected in its stock performance and subscription rates [2][3]. Group 1: IPO Details - JuShuiTan was listed on the Hong Kong Stock Exchange on October 21, with a first-day stock price increase of 23.2%, resulting in a market capitalization of approximately HKD 16.1 billion [2]. - The company experienced a remarkable subscription rate of 1,952.95 times for its public offering and 22.89 times for its international offering, with total margin financing reaching HKD 301.32 billion [2]. - JuShuiTan issued 68.1662 million shares at a price of HKD 30.6 per share, raising a net amount of approximately HKD 1.938 billion, with plans to allocate 55% for R&D, 25% for sales and marketing, 10% for strategic investments, and 10% for general working capital [2]. Group 2: Business Performance and Market Position - In 2024, JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, surpassing the combined market share of the second to fifth largest competitors [3]. - The company serves 88,400 SaaS clients, achieving a net customer revenue retention rate of 115% for the year [3]. - JuShuiTan's total revenue and annual recurring revenue for 2024 are projected to be RMB 910 million and RMB 1.098 billion, respectively, with compound annual growth rates of 31.9% and 33.6% from 2022 to 2024 [3]. - Despite significant investments leading to losses, JuShuiTan achieved a net profit of approximately RMB 12 million in 2024, while reporting a loss of RMB 41.146 million in the first half of 2025 [3].
【IPO追踪】招股获近2000倍认购，聚水潭上市首日涨超20%