The IPO of Hang Sang (Siu Po) International Holding Company was 2,182.33 times over-subscribed, the third-largest IP over-subscription to date in Hong Kong. The share price of the printing and apparel company soared 92% on the first day of trading, the highest spike for the year to date, giving it a market capitalisation of US$61.9 million.
Hang Sang (Siu Po) is principally engaged in the manufacturing and sale of apparel labels and packaging printing products. Its customers mainly comprise garment manufacturers, garment-related accessory trading companies and occasionally garment brand companies. The company generates revenue from local and overseas markets including South Korea, Taiwan, Vietnam, China, India, Indonesia, Sri Lanka and the US.
It intends to use the net proceeds of the share offer on one set of six-colour offset printing machines, expansion of the sales and marketing team, and research and development.
Legal Counsel: Norton Rose Fulbright acted for Hang Sang (Siu Po). The team was led by Hong Kong partner Terence Lau.