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Contractor Gain Plus Hldgs (08522) begins IPO 
 Gain Plus Holdings Limited (08522), a construction contractor in Hong Kong principally engaged in subcontracting works providing RMAA (repair, maintenance, alteration and addition) services and building construction services, commenced its initial public offering today. Details of the IPO are as follows:

Shares for offer: 93 million new shares (90% for international placing and 10% for Hong Kong public offering), with an option to offer an additional 15% shares

Offer price: HK$0.6-0.8 per share

Gross proceeds: HK$55.8-74.4 million

Net proceeds: HK$44.1 million (assuming an offer price of HK$0.7 per share)

Use of net proceeds:
- 48.1% for recruiting and retaining additional staff
- 36.3% for surety bond
- 6.6% for machineries and motor vehicles
- 9.0% for working capital

The shares for Hong Kong public offering will be increased:
- to 30% of all global offer shares if the Hong Kong public offer shares are over-subscribed by 15x or higher;
- to 40% of all global offer shares if the over-subscription is 50x or higher; and
- to 50% of all global offer shares if the over-subscription is 100x or higher.

Board lot size: 4,000 shares

Offer period: January 30 to noon on February 2

Pricing date: February 5

Listing date: February 13

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