Chinese online construction and interior design firm Qeeka to raise up to US$278 million in Hong Kong IPO
Shanghai-headquartered company to offer 242.03 million shares comprising international tranche of 90pc and Hong Kong tranche of 10pc
Qeeka Home (Cayman), China’s largest online construction and interior design company, has applied to list on the main board of the Hong Kong stock exchange, with the aim of raising up to HK$2.18 billion (US$278 million) in an initial public offering.
According to its preliminary offering circular, Qeeka will offer 242.03 million shares comprising an international tranche of 90 per cent and a Hong Kong tranche of 10 per cent. This will bring the total number of shares issued to 419.51 million, or 467.91 million if the 15 per cent over allotment option is exercised in full. It’s indicative offer price will range between HK$6.80 and HK$9 per share.
Zhejiang Meida Industrial, a Shenzhen-listed kitchen products maker, and Sea Wise Holdings, a Hong Kong investment holding wholly owned by Xia Ding, who is chairman of Zhejiang Meida, are cornerstone investors with a combined total of 33.78 million shares at HK$7.90 per share.
The deadline for subscriptions is June 26, and the final price will be set on June 27, with trading starting on July 5. The IPO sponsors are CLSA and Goldman Sachs.
Proceeds from the flotation will be used for the development of Qeeka’s online platform, investment in technology infrastructure and for making strategic investments and acquisitions.
