Kwoon Chung Bus Holdings has been over-subscribed by about 40 times before today's close of its initial public offering (IPO) in spite of a recent batch of new listings, market sources say. One source said the Lantau bus operator could see the subscription reaching 50 times following the strong debut of Glorious Sun Enterprises and the coming $260 million float of Wah Tak Fung Holdings. 'It has become the latest darling of the punters,' an analyst said. 'They are eyeing profit-taking on the first trading day.' Ben Kwong, research director of Dharmala Securities, said Glorious Sun had sparked a new wave of interest in IPOs. . 'The apparent success of Kwoon Chung also appears to have raised the profile of other utilities stocks such as Kowloon Motor Bus and China Motor Bus,' he said. Tai Fook Securities executive director Lennon Chan described the subscription rate as 'pretty good', but he said he was 'a bit confused' about Kwoon Chung's earnings prospects. 'Profit margin will be widened if it wins the new airport bus-routes tender. But this seems unlikely as it has already expressed an pessimistic view [on this matter],' Mr Chan said. 'Their mainland operations also face tough competition.' After the listing, Kwoon Chung will be 60 per cent held by the three brothers - Wong Chung-pak, Wing Pak and Leung Pak - - and 12 per cent by other Wong siblings. Another 3 per cent will be held by senior staff, and 25 per cent will be traded on the market.