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The price of the Group's shares has performed well on the first day of trading today, opening high at HK$4.88, 17.6% higher than the offer price.
The offer price of Redsun Services was HK$4.15 per offer share. The Hong Kong public offering was oversubscribed about 111 times while the international offering of its shares was also significantly oversubscribed. Net proceeds from the global offering are estimated to be approximately HK$365.4 million, after deducting underwriting fees, commissions and related expenses.
In the future, the Group will continue to execute the strategy to "penetrate Jiangsu province, explore the Yangtze River Delta and expand into urban agglomerations", strengthening its leading position in Jiangsu province and expanding into selected key urban agglomerations and leveraging its current position in cities to explore nearby areas. It also plans to evaluate suitable acquisition opportunities in the Yangtze River Delta, Southwest China, South China and Central China.
About Redsun Services Group Limited
Established in Nanjing in 2003, Redsun Services Group Limited is a fast-growing comprehensive community service provider focusing on the Yangtze River Delta. With a vision of "making lives warmer," the Group has provided and endeavor to continue to "provide customers with high-quality services with sincerity" to serve its customers. The Group has established the regional leading position in the property management market of Jiangsu province and is well-recognised nationwide. The Group was recognized as one of the Top 100 Property Management Companies by CIA for four consecutive years since 2017 and ranked 25th among the 2020 Top 100 Property Management Companies in terms of overall strength.
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source http://www.acnnewswire.com/press-release/english/60068/