New Stock News | It is rumored that Carrot will most likely start bookbuilding next Monday, with an expected fundraising amount of approximately HK$780 million.

According to reports, the mainland kitchenware brand Carote will start its IPO process next week. The company had already passed the listing hearing on the Hong Kong Stock Exchange at the end of August. It is reported that Carote is currently conducting pre-roadshows to understand institutional investors' intentions and plans to open the subscription book next Monday (September 23), aiming to raise approximately $100 million (equivalent to HK$7.8 billion). The joint sponsors are BNP Paribas and CICC International. Founded in 2007, Carote is an emerging global lifestyle kitchenware brand that has established a strong position in the online kitchenware segment in major markets including China, the United States, Western Europe, Southeast Asia, and Japan, and has become one of the fastest-growing kitchenware brands globally. According to the prospectus, as of the latest feasible date (June 5, 2024), its product portfolio includes over 2200 SKUs covering various kitchenware categories such as cookware, kitchen utensils, and drinkware. Preliminary IPO documents show that in the first three months of this year, Carote's net profit increased by 58.4% year-on-year to RMB 88.52 million; revenue was about RMB 500 million, a 72.3% increase year-on-year. For the fiscal years 2021, 2022, and 2023, Carote achieved revenues of approximately RMB 675 million, RMB 769 million, and RMB 1.583 billion respectively, with profits of approximately RMB 32 million, RMB 109 million, and RMB 237 million respectively. Carote stated that the funds raised in this IPO will be used for acquisitions and investments, as well as for product development, expanding sales channels, ESG-related investments, operating capital, and other general corporate purposes.