Investors filed more than 140,000 applications for the initial public offering (IPO) of My Humble House Hospitality Management Consulting Co (寒舍餐旅), the company said yesterday.
The Taipei-based hotel and restaurant operator, which is to be listed on the local bourse on Thursday, put 1.93 million shares up for subscription at NT$50.44 per share between Monday and Wednesday, the company said.
As of the deadline on Wednesday, there were more than 140,000 applications, or 74.73 times the offer, the company said, citing the underwriter for the share sale, meaning only 1.33 percent could win.
The response was in contrast with the sluggish turnover seen in the local bourse in the past few days and the slowing business for hotel operators amid a weak economy.
My Humble House revenue totaled NT$1.14 billion (US$34.94 million) in the first quarter of the year, down 3.63 percent from a year earlier, company data showed.
However, the hotelier managed to grow net profit by 5.88 percent to NT$98 million during the January-to-March period, or an earning of NT$0.97 per share, thanks to better pricing and cost-control strategies, the company said.
Established in 2000, My Humble House owns the five-star Sheraton Grand Taipei Hotel (台北喜來登大飯店) and Le Meridien Taipei (台北寒舍艾美酒店) as well as four independent restaurants.
The company is working with Transglobe Life Insurance Co (全球人壽) to develop a resort hotel in Yilan County’s Jiaosi Township (礁溪) that might come into service next year.
Meanwhile, the hotelier has teamed up with Continental Development Corp (大陸建設) to develop a mixed-use boutique hotel in downtown Taipei.
In addition, My Humble House plans to cultivate its own brands and seek expansions overseas, top executives said.
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