Findsteel Group-W's IPO opens with a 15.42% gain in the morning.
1min read Findsteel Group-W (06676) through a merger with Aquila Acquisition Corporation, a special purpose acquisition company, listed on the Hong Kong Stock Exchange. As of the writing, it rose 15.42% to HK$11.38, with a turnover of HK$751,100.
On the news front, Findsteel Group-W recently released a placement result announcement, with a price of HK$10 per share, and the number of shares authorized for equity financing was 1,558,500 shares, and the number of issued shares of the successor company after listing (taking into account the redemption of shares and without Aquila Class A shareholders exercising their right) was 1.071 billion shares, with a net amount of HK$14.92 million.
According to public information, Findsteel Group's main business revolves around the digital platform for steel trading, connecting major players in the steel trading industry and providing them with comprehensive services. In terms of trading services, the Company mainly attracts high-quality third-party sellers to offer products to buyers through the digital platform and charges a commission per ton to sellers. For large customers, the Company offers a service package including representative procurement of products and logistics and charges a commission per ton, part of which is allocated as fees related to agent services.