HK Stock Movement | SOFTCARE (02698) Rises Over 4% as Over-Allotment Option Fully Exercised, Raising Additional HK$345 Million

Stock News12-10

SOFTCARE (02698) surged over 4% during trading, reaching HK$31.28 with a turnover of HK$19.53 million. The company announced the full exercise of its over-allotment option, the completion of stabilizing actions, and the end of the stabilization period. The overall coordinator fully exercised the 15% over-allotment option, involving 13.63 million shares at an issue price of HK$26.20, raising an additional net proceeds of HK$345 million. This brings SOFTCARE's total IPO fundraising to HK$2.738 billion.

SOFTCARE specializes in hygiene products for emerging markets such as Africa. A research report highlighted that Africa's penetration rates for baby diapers and sanitary pads remain low at around 20% and 30%, respectively, compared to 70%-90% and 90% in mature markets, indicating significant growth potential. The rapid economic expansion in emerging markets is expected to drive further penetration.

Additionally, SOFTCARE, leveraging its manufacturing expertise and distribution network, aims to expand further in Latin America, Central Asia, and North/South Africa. Backed by the Senda Group, the company may explore potential integration opportunities in fast-moving consumer goods.

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