Busy Ming Launches Up to HK$3.3 Billion Hong Kong IPO

MT Newswires Live01-20

Busy Ming (HKG:1768) launched its Hong Kong initial public offering on Tuesday, seeking to raise up to about HK$3.34 billion.

The China-based food and beverage retailer is offering 14.1 million H-shares at an indicative price range of HK$229.60 to HK$236.60 per share, according to a Hong Kong bourse filing.

The offering comprises 1.4 million shares for Hong Kong investors and 12.7 million shares for international investors, subject to reallocation, the offer size adjustment option, and the overallotment option.

Pricing is expected to be set by Jan. 26, with allocation results due Jan. 27, ahead of the company's planned trading debut on the Hong Kong Stock Exchange on Jan. 28.

Net proceeds will be used primarily to enhance supply chain capabilities and product development, including the construction of smart logistics facilities, warehouse expansion and upgrades, and increased automation.

Funds will also support store network upgrades and franchisee empowerment, brand building and promotional activities, technology and digitalisation initiatives, selective strategic investments or acquisitions, and working capital and general corporate purposes.

Goldman Sachs (Asia) and Huatai Financial Holdings (Hong Kong) are acting as joint sponsors, sponsor-overall coordinators and overall coordinators.

They are joined by Deutsche Bank AG, Hong Kong Branch as overall coordinator, joint global coordinator, joint bookrunner and joint lead manager.

Haitong International Securities, SPDB International Capital and Futu Securities International are also participating as joint bookrunners and joint lead managers.

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