Educational Service Provider Fenbi Launches Up to HK$198 Million IPO
On January 9, 2023, eading non-formal vocational education and training (VET) service provider Fenbi Ltd. (02469.HK) successfully listed on the Main Board of the Stock Exchange of Hong Kong at an issue price of HKD 9.90 (USD 1.27) apiece. Citi, CICC and BAS were the joint sponsors.
Fenbi aims to raise approximately HK$198.0 million (US$25.5 million) from its IPO, or approximately HK$227.7 million (US$29.3 million) if the underwriters fully exercise their over-allotment option, with a market capitalization of over HK$20.0 billion.
Fenbi's share price closed up 12.12% to HKD 11.1 on its first day of listing, with a total market capitalization of HKD 23,280 million.
Founded in 2012, Fenbi primarily provides a comprehensive suite of recruitment and qualification examination tutoring courses for adult students pursuing careers in government-sponsored institutions and several professions and industries.
According to its prospectus, in 2019, 2020, 2021 and the first half of 2022, the company's revenues were CNY 1.16 billion, CNY 2.132 billion, CNY 3.428 billion and CNY 1.451 billion, respectively.
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