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向中國際(01871.HK)首日掛牌高開14%
格隆匯 10-24 09:23

IPO那點事(ID:ipopress)消息,向中國際(01871.HK)首日掛牌,截至9時20分,漲 14.06%,報價1.46 港元,成交額6782.71 萬港元,最新市值 5.84億港元。

向中國際(01871.HK)發佈公告,公司發行1億股,每股發行價1.28港元(單位下同);每手4000股,預期10月24日上市。

公司公開發售超購380.15倍。合共4000萬股已由配售重新分配至公開發售,故公開發售項下發售股份總數已增加至5000萬股,佔發售股份總數(於行使任何超額配股權前且並無計及根據購股權計劃可能授出的任何購股權)的50%。此外,配售項下配發給102名承配人的配售股份最終數目為5000萬股(重新分配至公開發售後),相當於發售股份總數的50%。

向中國際於2012年成立,在河南省駐馬店市經營兩所駕校(順達駕校及通泰駕校),提供有關大型車輛及小型車輛駕駛考試備考的廣泛駕駛課程,兩所駕校分別於2012年及2014年設立及開始營運。根據弗若斯特沙利文報告,按2018年收益計算,向中國際以約7.2%的市場份額在駐馬店市駕校中名列首位,在河南省約有0.8%的市場份額。

招股書顯示,2016年-2018年及截止2018年及2019年4月30日止四個月收入分別為4628.5萬元、6150.9萬元、7769.9萬元、1717.7萬元及2827.9萬元。毛利分別為3349.3萬元、4399.2萬元、5049.1萬元、985.7萬元及1805.9萬元;期間溢利分別為1811.9萬元、1690.2萬元、2127.5萬元、497.1萬元及836.7萬元。毛利率分別為72.4%、71.5%、65%、57.6%及63.9%;淨利率分別為39.1%、27.5%、27.4%、29.0%及29.6%,2016年-2018年總投資回報率分別為15.7%、11.5%及10.3%。

雖然向中國際的整體業績穩中有升,但是收入高度依賴通泰駕校。數據顯示,2016-2018年,向中國際來自於通泰駕校提供培訓服務的營業收入分別約為3991萬元、5440萬元、6918萬元,分別佔總營業收益約86.2%、88.5%、89.0%。這意味着,向中國際的營收主要依靠通泰駕校一家支撐,且所佔比例呈逐年上升趨勢。

募資用途方面,所得款項淨額1.01億元。58.0%用於為擴大大型車輛培訓場地提供資金;9.6%用作招聘及培訓40名新大型車輛駕駛教練的費用;9.7%用作購買新訓練車(將為大型車輛);12.7%用於償還銀行貸款;10.0%用於公司的營運資金及一般公司用途。

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