WellCell Holdings on its IPO process with Patrons as Joint Lead Managers

WellCell Holdings Co., Limited (“WellCell Holdings Co., Limited"), stock code (02477.HK) , commenced its IPO from 28 December to 9 January, with Patrons as the Joint Lead Manager. It is learnt that the company intends to issue about 125 million shares in the IPO project, with a prospectus price ranging from HK$1.00 to HK$1.30 per share, 4,000 shares per board lot, an admission fee of about HK$5,252.4, and expected to raise a maximum of about HK$160 million. The listing is expected to take place on 12 January 2024, with the proceeds of the fundraising to be invested in deepening the optimisation of telecommunications network performance analysis software and hardware, with a portion of the proceeds to be allocated to new research and development projects.

According to the offering prospectus, the total revenue of WellCell Holdings is on a growth trend from approximately RMB195.6 million in 2020 to approximately RMB203.3 million in FY2021, with the main source of revenue growth coming from the businesses of ICT integration services and telecoms network infrastructure maintenance and infrastructure engineering services. In addition, the total revenue of the company will increase from RMB203.3 million in 2021 to approximately RMB226.5 million in 2022, an increase of nearly 20%, which is mainly attributable to the growth of all businesses.

In the IPO project of WellCell Holdings, Patrons acted as the Joint Lead Manager, fully mobilizing its own resources to actively support WellCell Holdings in showcasing and expressing its corporate advantages and potential in the global market, assisting WellCell Holdings in listing in Hong Kong and injecting new vitality into the Hong Kong stock market. Patrons looking forward, the telecommunications and network-related software development market is constantly evolving, and WellCell Holdings will continue to meet the demands of the market and customer, while dedicating more resources to research and development in this field.