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30 Jul

Chi Kan Holdings Limited (9913) IPO, Entry Fee HK$2,585.80

Chi Kan Holdings Limited (9913) is a Hong Kong-based formwork contractor, mainly engaged in the provision of formwork services, comprising of: conventional formwork which is built on-site by mainly using timber and plywood; and prefabricated formwork which is built out of prefabricated modules by mainly using aluminium and steel. During the course of providing formwork services, it may also be requested by customers, in the form of variation orders, to provide other construction services, including plastering, installing curtain wall and other miscellaneous works on an ancillary basis.

According to the Frost & Sullivan Report, it is one of the leading service providers in the formwork industry in Hong Kong with a market share of approximately 11% in terms of revenue for FY2020, and ranked 2nd in the formwork services market in Hong Kong in FY2020.

The formwork projects undertaken by the Group originated from both the public sector (including projects where the ultimate employers are mainly government bodies) and private sector (including projects where the ultimate employers are mainly property developers). It generally provides formwork services as a subcontractor to customers which are principally main contractors of these public or private construction projects in Hong Kong.

The Group had 28 projects on hand as at 20 July 2020 that have been awarded to us but not completed. It had five newly awarded projects, but not yet commenced, with an aggregate contract sum of approximately HK$575.3 million, of which approximately HK$243.6 million and HK$288.6 million are expected to be recognised as revenue for FY2021 and FY2022 respectively.

 

SHARE OFFER

No. of Offer Shares 250m shares
No. of Placing Shares 225m shares
No. of Public Offer Shares 25.00m shares
Offer Price HK$0.52 - $0.64
Nominal Value HK$ 0.01 each
Board Lot 4000
Sponsor Ample Capital
Joint Global Coordinators Alpha Financial Group, Forwin Securities Group
Joint Bookrunners and Joint Lead Managers Forwin Securities Group, Alpha Financial Group
Joint Lead Managers AFG Securities, China Tonghai Securities, CIS Securities Asset Management, Eddid Securities and Futures, Enhanced Securities, Plutus Securities, President Securities (Hong Kong), Rifa Securities, Roofer Securities

TIME TABLE

Application Period Jul 30 (Thu) - Noon, Aug 4 (Tue)
Price Determination Date On or Before 5pm, Aug 6 (Thu)
Result Announcement Date On or Before Aug 13 (Thu)
Dispatch of Shares and Refund Cheques On or Before Aug 13 (Thu)
Dealings in Shares commence on Aug 14, 2020. (Fri)

Reallocation of Shares Offered

Times of HK Offer Shares Subscription 15X - 50X 50X - 100X Over 100X
% of total shares reallocated to HK Offer 30% 40% 50%

 

 

The information cited in this article was collected by the Company from sources believed to be accurate and is for reference only. Investors should consult the company's prospectus before making an investment decision. The company is not responsible for any loss caused by trust or reference to relevant content.