Shares of Da Lue International Holding Co Ltd (大略), a Cayman Islands-registered wedding services provider, yesterday surged during its debut on the nation’s over-the-counter bourse.
Da Lue shares leaped to NT$178 from its initial public offering price of NT$82 after the opening bell and at one point reached an intraday high of NT$180 before closing at NT$162.5 on the Taipei Exchange (TPEX).
Turnover was 2.9 million shares, TPEX data showed.
In the first three quarters of the year, Da Lue’s net income was NT$65.27 million (US$1.98 million), up 809.24 percent from the same period last year. Earnings per share were NT$2.61.
From January through October, cumulative sales grew 105 percent year-on-year to NT$841 million, company data showed.
The company attributed its business growth to the online-to-offline (O2O) business model in China, where customers can purchase a full array of wedding services through the company’s Web site.
The company offers wedding photography services, gowns and suits, ceremonial and catering services, and also operates venues for banquets and photo shoots, with its businesses centered in China.
About half of its sales are derived from virtual channels, the wedding service provider said.
Last year, Da Lue served 22,300 pairs of newlyweds out of the 140,000 who registered for marriage in Shanghai, the company’s primary market.
In addition, the company received approval from its board of directors to set up a subsidiary in Beijing, aiming to expand into the Beijing and Xian markets next year.
An estimated 190,000 couples are slated to be married next year in Beijing alone, the company said.
The company said that it is well-positioned to capture opportunities in China’s rapidly expanding O2O sector, which it said grew by 80 percent year-on-year to 304.94 billion yuan (US$47.65 billion).
Da Lue said that it is to continue seeking acquisitions in China to cement its hold on the market, as its O2O-backed technical lead over local rivals widens.
For this listing on the over-the-counter market, Da Lue said it has issued 2.5 million new common shares, which could help the company raise as much as NT$205 million to enhance its working capital for future expansion.
Market watchers said Da Lue could use the proceeds to conduct potential merger and acquisition activities in a bid to grab a larger market share with better profitability.
Moreover, they said the new funds might enable the company to extend its reach to Beijing in the first quarter next year to provide one-stop wedding consulting services there, including wedding planning, wedding banquets and wedding photography.
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