创新实业(02788)招股

Core Viewpoint - Innovation Industry (02788.HK), an electrolytic aluminum producer from Hohhot, Inner Mongolia, is set to launch its IPO from November 14 to November 19, 2025, with a listing date on November 24, 2025 [3][4]. Summary by Relevant Sections IPO Details - The company plans to issue 500 million shares, representing 25% of the total shares post-IPO, with 90% allocated for international offering and 10% for public offering [4][5]. - The share price is expected to range from HKD 10.18 to HKD 10.99, with a maximum fundraising target of approximately HKD 54.95 billion [4][5]. - The entry fee for investors is HKD 5,550.42 for a board lot of 500 shares [4]. Financial Projections - Assuming a median share price of HKD 10.58 and full exercise of the over-allotment option, the total estimated expenses for the IPO are around HKD 197.5 million [5]. - The net proceeds from the IPO are projected to be approximately HKD 51.13 billion, with 50% allocated for expanding overseas production capacity, 40% for green energy projects, and 10% for working capital and general corporate purposes [5][9]. Company Background - Established in 2012, Innovation Industry focuses on high-value segments of the aluminum industry chain, primarily producing and selling electrolytic aluminum and alumina [8]. - The company is the third-largest electrolytic aluminum producer in North China and the twelfth largest in China, with a designed production capacity of 788,100 tons of electrolytic aluminum and 1.2 million tons of alumina annually [9]. - The company has a high self-sufficiency rate in electricity, approximately 88%, compared to the industry average of 57%, and is expanding its renewable energy capacity with ongoing projects in wind and solar power [9].