Despite the recent mixed performances of new issues and uncertain market conditions, three small-caps will start offering shares to retail investors today. Guangzhou-based real estate agent Hopefluent Group plans to raise $81 million on the main board by offering 54 million shares at $1.50 each. It said the proceeds would be mainly used for expanding its primary and secondary real estate services in China. Mitsumaru East Kit (Holdings), which produces television chassis and other television and audio components, plans to raise between $105 million and $121 million by floating 100 million shares at $1.05 to $1.21 each on the main board on July 15. The firm will use the proceeds on research and development of new products and expansion of existing and new operating facilities. The public offer of 10 million shares will run from today to next Tuesday. The placing tranche of 90 million shares started last Wednesday and will close next Tuesday. 'Responses to the placing tranche are satisfactory,' said Bryon Tan of First Shanghai Capital, the listing sponsor. Henan-based aluminium re-smelt ingot maker Sanmenxia Tianyuan Aluminium is seeking to raise $105 million on the Growth Enterprise Market next month by offering 350.02 million H shares at 30 cents per share. Lau Hon, equity capital markets director at BCOM Securities - the book-runner of the issue - said yesterday that the placing had entirely been covered ahead of its book closing next Tuesday. 'The placing drew a good response from institutional managers despite the volatile market,' Mr Lau said. Sanmenxia plans to spend nearly 90 per cent of its $72 million net proceeds developing new products such as aluminium alloys and recycled aluminium as well as upgrading production facilities in Jiaozuo. While Mitsumaru East Kit and Sanmenxia seemed well-received among institutional investors, another main board-listing candidate was less fortunate. Taiwan-funded producer of high precision metal components IPE Group delayed the launching of its $120 million share offering at the last minute. Market sources said weak sentiment and the recent Far East Pharmaceutical Technology debacle deterred interest in IPE, causing the placing tranche of the offering to be substantially undersubscribed.