Local IT company BoardWare Intelligence Technology to be listed on HKSE

Local IT solutions company BoardWare Intelligence Technology Limited has announced it will be listed on the Hong Kong Stock Exchange from June 29.

BoardWares’s initial public offering in the HKSE will commence at 9:00am on June 29 and end at 12:00 noon on July 5 under the stock code 1204.

The listing will be sponsored by China Tonghai Capital.

The company will provide an initial 125,000,000 shares in the public offering, of which 112,500,000 will be for international placing and 12,500,000 will be for the Hong Kong Public Offering.

The indicative offer price ranges between HK$1.08 and HK$1.26 per share, with the IT company estimating that after deducting underwriting fees and expenses and an Offer Price of HK$1.17 per Share net proceeds from the global offering will amount to HK$104.8 million.

The final offer price and allotment results will be announced on July 14, and trading of BoardWare’s shares will commence on the Main Board of HKSE on July 15.

According to information provided in a press conference on the IPO details, BoardWare Intelligence Technology plans to invest 43 per cent of the proceeds in the development of the Greater Bay Area, namely in the Henqgin cooperation zone and the Nansha New Area.

Established in 2003, BoardWare provides products and services with systems integration, including the configuration of hardware and software system, network consolidation and structure cabling, IT security and consulting service, maintenance and support of hardware and software.

The company names some of its services’ customers as government agencies, public sectors, banking and finance, and hotels and casinos.

The company has indicated to hold 25 per cent of the local IT market share, while reporting an operating income in the fiscal years of 2019, 2020, and 2021 of HK$503 million, HK$475 million, and HK$534 million.