IPO Timeline Raw facts
Company Overview
| Stock Name | BBSB Intl |
|---|---|
| Stock Code | 08610 |
| Company Full Name | BBSB International Limited |
| Industry | New Energy |
| Principal Activities | systematic methodology that applies established tools and techniques to identify, analyse and optimise the functions of a project |
| Listing Date | 2026-01-13 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | GEM |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | B–03–32, Block B Merchant Square No.1 Jalan Tropicana Selatan 1 PJU 3, 47410 Petaling Jaya Selangor Malaysia |
| Business Address (Hong Kong) | Room 1916, 19/F under Part 16 of the Companies Lee Garden One Ordinance 33 HysanAvenue Causeway Bay Hong Kong |
| Place of Incorporation | Cayman Islands |
| Listing Method | Share Offer |
| Listing Board | GEM |
| Website | bbsbholdings.com.my |
| Share Registrar | 宝德隆 |
| Registrar Contact | (852)2153 1688 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 0.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 4,000 shares |
| Entry Threshold | HK$ 2,400 |
| Par Value | To be extracted |
| Offer Period | 2025-12-31 to 2026-01-08 |
| Global Offering Shares | 125,000,000 shares |
| HK Public Offer Shares (Initial) | 12,500,000 shares (10.0%) |
| Public Offer Lots (Initial) | 3,125lots |
| International Placing Shares (Initial) | 112,500,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 500,000,000 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 18.7% |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 75,000,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 4,000 | HK$ 2,400 |
| 2 lots | 8,000 | HK$ 4,800 |
| 3 lots | 12,000 | HK$ 7,200 |
| 4 lots | 16,000 | HK$ 9,600 |
| 5 lots | 20,000 | HK$ 12,000 |
| 6 lots | 24,000 | HK$ 14,400 |
| 7 lots | 28,000 | HK$ 16,800 |
| 8 lots | 32,000 | HK$ 19,200 |
| 9 lots | 36,000 | HK$ 21,600 |
| 10 lots | 40,000 | HK$ 24,000 |
| 12 lots | 48,000 | HK$ 28,800 |
| 14 lots | 56,000 | HK$ 33,600 |
| 16 lots | 64,000 | HK$ 38,400 |
| 18 lots | 72,000 | HK$ 43,200 |
| 20 lots | 80,000 | HK$ 48,000 |
| 30 lots | 120,000 | HK$ 72,000 |
| 40 lots | 160,000 | HK$ 96,000 |
| 50 lots | 200,000 | HK$ 120,000 |
| 75 lots | 300,000 | HK$ 180,000 |
| 100 lots | 400,000 | HK$ 240,000 |
| 125 lots | 500,000 | HK$ 300,000 |
| 150 lots | 600,000 | HK$ 360,000 |
| 175 lots | 700,000 | HK$ 420,000 |
| 200 lots | 800,000 | HK$ 480,000 |
| 225 lots | 900,000 | HK$ 540,000 |
| 250 lots | 1,000,000 | HK$ 600,000 |
| 375 lots | 1,500,000 | HK$ 900,000 |
| 500 lots | 2,000,000 | HK$ 1,200,000 |
| 625 lots | 2,500,000 | HK$ 1,500,000 |
| 750 lots | 3,000,000 | HK$ 1,800,000 |
| 875 lots | 3,500,000 | HK$ 2,100,000 |
| 1,000 lots | 4,000,000 | HK$ 2,400,000 |
| 1,125 lots | 4,500,000 | HK$ 2,700,000 |
| 1,250 lots | 5,000,000 | HK$ 3,000,000 |
| 1,875 lots | 7,500,000 | HK$ 4,500,000 |
| 2,500 lots | 10,000,000 | HK$ 6,000,000 |
| 3,125 lots | 12,500,000 | HK$ 7,500,000 |
Stock Connect Inclusion Analysis
| 26Q2 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 297.9M |
| Est. Threshold | HK$ 10.47B |
| Analysis Result | HK market cap below threshold, need +3413% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 300,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB14.5 million |
| Period-End Cash Balance | 令吉15,328千元 |
| Listing Expenses | ~HK$ 25,300,000 |
| Listing Expenses / Funds Raised | ~31.1% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 0.67 |
|---|---|
| First Day Open | HK$ 3.0 |
| First Day Change | 11.67% |
| First Day Volume | 120964000.0 |
| First Day Turnover | 180044000.0 |
| Use of Proceeds | 1、約65.2%或19.7百萬令吉（相當于約36.5百萬港元）將用于加強財務狀況，以支付(a)主要包括分包成本、材料成本及機器租賃成本的前期成本及(b)聘請額外項目管理人員的前期成本，以支持業務擴展；
2、約19.8%或6.0百萬令吉（相當于約11.1百萬港元）將用于擴充人手以支持各地區增長；
3、約5.0%或1.5百萬令吉（相當于約2.8百萬港元）將用于本集團信息系統及內部流程的升級及數字化；
4、約10.0%或3.0百萬令吉（相當于約5.6百萬港元）將用作一般營運資金用途。 |
Underwriting Syndicate
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Choy Joo Seong | 6,998,400 HKD | — | 9.33% | — | 6 months | 2026-07-13 |
| 2 | Tan Nam Joo | 6,998,400 HKD | — | 9.33% | — | 6 months | 2026-07-13 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 陳拿督 | — |
| Company Secretary | 李美儀 | — |
Major Shareholders
| Major Shareholders & Holdings | BBSB Overseas (beneficial owner) holds 375,000,000 shares, representing 75%; 陳拿督 (interest in a controlled corporation) holds 375,000,000 shares, representing 75%; 潘拿汀 (interest of spouse) holds 375,000,000 shares, representing 75%. |
|---|
Market Sentiment
The IPO drew extreme enthusiasm with an oversubscription ratio of 10,745.13, indicating ferocious demand far exceeding market norms. However, the reported hit rate of 0.0% and zero accepted applications suggest a data anomaly or an exceptionally tight allocation environment where effectively no retail applicants received shares. The offer price was set at HK$0.6, but without a price range, it's unclear how this compared to initial guidance; such massive oversubscription typically signals strong aftermarket expectations, though missing data precludes full context. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The expected lot allocations for the last A-tier (甲尾) and first B-tier (乙头) were fractional at 0.1726 and 0.2297 lots respectively, reflecting the extreme oversubscription. The marginal increase from 甲尾 to 乙头 is only 0.0571 lots, which may not justify the higher capital outlay and margin financing costs of moving up a tier, especially if broker fee structures make the A-tail more efficient on a per-lot basis. This tight spread highlights a common inefficiency in clawback scenarios where the incremental benefit of larger applications diminishes. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Data may contain errors; verify against HKEX filings. Not financial advice.)
Demographics
No demographic data is available in the provided dataset, as total holders and mainland/HK participation percentages are all recorded as zero, likely indicating incomplete reporting rather than actual absence. For an IPO with such high oversubscription, one would typically expect significant mainland Chinese and local Hong Kong involvement, often with Guangdong-based investors prominent, but specifics cannot be confirmed here. The lack of gender or age breakdowns further limits any meaningful demographic insight. (This is AI-generated commentary based on historical data. Data may be incomplete. Verify against official sources. Not financial advice.)
