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Offer Price Fixed at HK$0.56 per Share
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HONG KONG, Jan 26, 2018 - (ACN Newswire) - Ulferts International Limited ("Ulferts" or "the Group", Stock Code: 1711.HK), a well-known furniture retailer in Hong Kong, today announced the allotment results of its share offering (the "Share Offering").
Ulferts offered a total of 200 million new shares, initially comprising 180 million shares for share placing and 20 million shares for Hong Kong public offering. Due to significant over-subscription of 1,639 times in the public offering, a total of 80 million shares have been re-allocated from the share placing to the public offering. As a result of such re-allocation, 100 million shares, or 50% of the total offer shares, were allocated to the public offering. The tranche for share placing was also heavily covered.
The offer price has been fixed at HK$0.56 per share, within an upper band of the indicative offer price range. As such, the net proceeds from the Share Offering after deducting underwriting fees and other listing related expenses is estimated to be approximately HK$92.9 million.
Mr. Ricky Ng, Executive Director & Chief Executive Officer of Ulferts, said, "The overwhelming response to our Share Offering has demonstrated investors' confidence about Ulferts' growth strategies and long-term prospects. We aim to solidify our market position by continuously expanding our presence in Hong Kong and diversifying into mid-end segment, and ultimately bringing good returns to our shareholders."
Ulferts will be listed on the Main Board of The Stock Exchange of Hong Kong Limited on Monday, January 29, 2018 under the stock code of 1711. Its share will be traded in board lots of 10,000 shares each.
Emperor Capital Limited and OCTAL Capital Limited are the Joint Sponsors of the Group's Share Offering. Emperor Securities Limited is the Sole Bookrunner and Lead Manager. The Bank of East Asia, Limited and Taiping Securities (HK) Company Limited are the Co-Lead Managers.
About Ulferts International Limited
Established for over 40 years, Ulferts is a well-known furniture retailer and currently operates "Ulferts", "Eurodecor" and "Dormire" retail stores in Hong Kong. Dedicated to supply high quality and affordable luxury furniture for its customers to build their ideal home, Ulferts carries around 50 furniture brands (some of which are international brands) imported from different suppliers in Europe and Asia. It offers a wide variety of contemporary style furniture products targeted for middle to high income group. Meanwhile, its self-owned brand, "Ulfenbo", mainly offers mattresses and sofas through wholesaling to dealers and retailing under "Dormire" retail stores. In recognition of Ulferts' commitment to service excellence, its staff was awarded with "Outstanding Performance Awards" in 2017 Service & Courtesy Award programme organised by Hong Kong Retail Management Association. For more information, please visit its website: www.ulfertsintl.com .
Investor/ Financial Media Enquiries
Ms. Anna Luk
Investor Relations Director
Emperor Group
Tel: +852 2835 6783
Email: annaluk@emperorgroup.com
Ms. Winnie Kwong
Investor Relations Manager
Emperor Group
Tel: +852 2835 6791
Email: winniekwong@emperorgroup.com
Topic: Press release summary
Source: Ulferts International Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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