09879 米高集團
MIGAO GROUP
MIGAO GROUP
| Listing Date | 2024/03/21 |
| Listing Price | 4.080 |
Subscription Result
- Subscription Rate9.79x
- Guarantee One Lot Size6 lot
- One Lot Success Rate30.02%
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IPO Detail
COMPANY PROFILE
Migao Group Holdings Limited is a national potash fertiliser company in China with sourcing and procurement, and processing and manufacturing capabilities selling various potash fertiliser products, including KCL, SOP, NOP and compound fertilisers.
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The group ranked the third among potash fertiliser companies in China in terms of sales volume of potash fertilisers in 2022 and it ranked the second among fertiliser companies without its own potash mineral resources (i.e., non reserve-based potash fertiliser companies) in China in 2022 by the same measure. It accounted for approximately 7.1% of the total sales volume of potash fertilisers in China for 2022.
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In terms of sales revenue of KCL, SOP and NOP in 2022, it ranked the third, the fourth and the fifth among potash fertiliser companies in China, respectively, and accounted for approximately 7%, 4% and 0.3% of the total sales revenue of KCL, SOP and NOP, respectively, in China for the same year.
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As of 28 February 2024, it had five key production facilities in Heilongjiang Province, Jilin Province, Guizhou Province and Guangdong Province in the PRC and it had three KCL granulating lines, 40 SOP production lines, and three compound fertilisers production lines. Its total estimated production capacity of its KCL granules, SOP and compound fertiliser were 390,000 tonnes, 363,000 tonnes, and 172,000 tonnes, respectively.
BASIC INFORMATION
| Market | Hong Kong (Main Board) |
| Business Nature | Chemicals |
| Major Business Area | China |
| Board Lot | 1000 |
GLOBAL OFFERING
| No. of Offer Shares | 225.00M shares |
| No. of International Offer Shares | 202.50M shares |
| No. of HK Offer Shares | 22.50M shares |
| Offer Price | $3.30 - $4.30 |
| Stock Code | 9879 |
| Sponsor(s) | GF Capital (Hong Kong) Limited |
| Underwriter(s) | GF Securities (Hong Kong) Brokerage Limited, CMB International Capital Limited, Essence International Securities (Hong Kong) Limited, China Merchants Securities (HK) Co., Limited, ABCI Securities Company Limited, China Everbright Securities (HK) Limited, Soochow Securities International Brokerage Limited, Shenwan Hongyuan Securities (H.K.) Limited, Orient Securities (Hong Kong) Limited, Livermore Holdings Limited |
TIME TABLE
| Application Period | Mar 13 (Wed) - noon, Mar 18 (Mon) |
| Price Determination Date | Mar 19 (Tue) |
| Result Announcement Date | On or before Mar 20 (Wed) |
| Result Announcement Date | On or before Mar 20 (Wed) |
| Result Announcement Date | On or before Mar 21 (Thu) |
| Dealings in Shares commence on | Mar 21, 2024. (Thu) |
Reallocation of Shares Offered
| Times of HK Offer Shares Subscription | 15X - 50X | 50X - 100X | Over 100X |
| % of total shares reallocated to HK Offer | 30% | 40% | 50% |
Sales Statistics (HKD)
| Offer Price | $3.30 - $4.30 |
| Capitalization | 2.97B - 3.87B |
| NAV / share ($) | $2.66 - $2.90 (Unaudited pro forma adj NAV / share) |
Use Of Proceeds
| Assuming the offer price being at HKD 3.80, the net proceeds raised would be HKD 713.90M, of which |
| 45.2% : Investment and construction of the Heilongjiang Warehousing and Production Centre |
| 28.2% : investment and construction of New Sichuan Production Facility |
| 14.2% : Establishment of a research and development centre |
| 6% : Purchase new equipment and machinery |
| 6.4% : working capital |
Related Document
| Prospectus |  Chinese Version | English Version |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). |
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*Admission fees include brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.005% and FRC transaction levy of 0.00015% (i.e. 1.0077% in total).