Chalk (02469) will issue an IPO from December 23 to 30 The company plans to issue 20 million shares, of which the Hong Kong public offering will account for 10%, the international offering will account for 90%, and there will be an additional 15% HKD-9.9 HKD over-allotment option, 500 shares per board lot, shares are expected to start trading on the main board of the stock exchange at 9:00 am on 9 January 2023.
The company is a non-academic vocational education and training service provider in China and is committed to providing high-quality non-academic vocational education and training services through technology. We provide a comprehensive range of recruitment and qualifying training programs primarily for adult students seeking careers in public offices and institutions, as well as in a range of other professions and industries.
The company’s revenues derive primarily from the provision of training services, followed by the sale of internally developed educational materials and tutorials. The company’s revenue increased by 83.7% from RMB 1.16 billion in 2019 to RMB 2.132 billion in 2020, and further increased by 60.8% to RMB 3.429 billion in 2021. For the half year ended June 30, 2022, the company generated revenues of RMB 1.451 billion.
It is understood that, assuming the offering price is HK$9.70 per share, the net proceeds of the global offering are estimated to be approximately HK$116 million: approximately 52.0% of which will be used to enrich the content of the course and expand the offer for students and approximately 28.5% will be used to strengthen content and technology development skills; approximately 12.0% will be used primarily for marketing activities for newly developed courses and approximately 7.5% will be used for working capital and other general business purposes.
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