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Equity· IPO

Essence Information Technology’s IPO debut on SSE STAR Market today

CKN
minutes 2020/06/23 02:25:55
5,193
Essence Information Technology, 688555

Jun 23, 2020 (China Knowledge) - Essence Information Technology (688555) to start trading on the Shanghai STAR Market today, at a public offering price of RMB 19.49 per share, raising RMB 405 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 31.95.

Dongxing Securities acted as the lead underwriter and sponsor for the IPO.

Earlier, Essence Information Technology said its IPO was 2,586 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.

Essence Information Technology Co Ltd is a company that mainly provides system integration services. The Company's products and services include customized software, system integration and technical services. The customized software products are designed based on the customers’ needs to provide information services using the software. The system integration services provide customers with customized product solutions. The technical services include operation and maintenance services, pharmaceutical technology and quality standard research services, as well as pharmaceutical-related patent consulting services. The products and services are mainly applied in the industries of medicine, medical treatment and agriculture.

In financial year 2019, Essence Information Technology garnered a total revenue of RMB 221.3 mln, up 9% YoY. In terms of net income, it achieved RMB 84 mln, up 58% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 22.74% and 18.46% respectively, earning per share (EPS) of 1.34 RMB.

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