Core Viewpoint - The company LeShuShi (02698), a manufacturer of baby diapers, has seen significant interest in its IPO, with a subscription amount reaching HKD 323.1 billion, which is 1356 times oversubscribed compared to the public offering amount of HKD 238 million [1] Group 1: IPO Details - The IPO subscription period is from October 31 to November 5, with an expected listing date of November 10 [1] - LeShuShi plans to issue 90.884 million shares at an offering price between HKD 24.2 and HKD 26.2, aiming to raise up to HKD 2.38 billion [1] - The company will not implement a mandatory clawback mechanism, with 10% of shares allocated for public offering, and the overall coordinators can increase this to a maximum of 15% [1] Group 2: Company Overview - LeShuShi is a multinational hygiene products company focusing on emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, sanitary napkins, and wet wipes [1] - The company operates under several brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, with sales covering over 30 countries in West, East, and Central Africa [1] Group 3: Market Position - According to Frost & Sullivan, LeShuShi ranks first in the African baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6%, respectively [2] - In terms of revenue for 2024, the company ranks second in the African baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% [2] Group 4: Shareholder Information - The founders of LeShuShi, Shen Yanchang and Yang Yanjuan, hold a combined 64.42% stake in the company [2] - The founders have a history of working in Nigeria and later returned to China to establish the company [2] Group 5: Cornerstone Investors - LeShuShi has secured cornerstone investors including BA Capital, Arc Avenue, and several funds, with a total investment amounting to USD 139 million (approximately HKD 1.08 billion) [2] - If priced at HKD 26.2, the cornerstone investors' subscriptions would represent 45.34% of the initial offering size [2] Group 6: Use of Proceeds - The net proceeds from the IPO will be allocated as follows: 71.4% for expanding overall production capacity and upgrading production lines; 11.6% for marketing and promotional activities in Africa, Latin America, and Central Asia; 4.7% for strategic acquisitions in the hygiene products sector; 0.4% for upgrading the CRM system; 2.6% for hiring management consulting firms for market and product analysis; and 9.3% for working capital and general corporate purposes [3]
新股消息 | 乐舒适(02698)招股结束 孖展认购额达3231亿港元 超购1356倍