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Equity· IPO

RUNNER’s IPO debut on Shanghai Stock Exchange today

CKN
minutes 2020/07/30 02:54:42
2,122

Jul 30, 2020 (China Knowledge) - RUNNER (603408) to start trading on the Shanghai Stock Exchange - Main Board today, at a public offering price of RMB 15.53 per share, raising RMB 698.85 mln. Its initial listing shares account for 10% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.98.

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

Earlier, RUNNER said its IPO was 2,789 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.

Runner Xiamen Corp is a company mainly engaged research, development, production and sales of kitchen and bathroom products. The Company's primary products are kitchen and bathroom products, including shower series products, such as shower heads; faucet series products, such as kitchen faucets and bathroom faucets; inlet and drainage series products, such as drain and inlet pipes; kitchen and bathroom accessories, such as hooks. The Company also produces water purification products, including water purifiers and water purification accessories, such as composite filter elements. The Company's other products are comprised of air treatment products, care products, home appliance parts, plumbing installations and auto parts, such as electric toothbrushes and air purifiers.

In financial year 2019, RUNNER garnered a total revenue of RMB 3.39 bln, down 4% YoY. In terms of net income, it achieved RMB 334 mln, down 0% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 24.43% and 13.68% respectively, earning per share (EPS) of 0.83 RMB.

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