Nobi Co., Ltd. (02635) will be accepting public subscriptions from December 15th to December 18th, with an expected listing date of December 23rd.

Nobikan (02635) is expected to conduct an IPO from December 15th to December 18th, 2025. The company plans to globally sell 3.7866 million shares, with 10% of the shares sold in Hong Kong and 90% sold internationally. There is also an additional 15% over-allotment option. The per share offering price is set at HK$80-106. Trading of the shares is expected to commence on the Stock Exchange of Hong Kong on December 23rd, 2025. The company primarily develops and sells monitoring and detection products and solutions for railway operations and power grid companies in China, as well as other urban governance solutions. The company offers integrated software and hardware solutions based on comprehensive AI industry models for purposes such as monitoring, detection, and operation maintenance. According to Insight Consultancy, based on the company's revenue in the field of rail transit and power supply in 2024, the company is the second largest provider of AI + power detection monitoring systems in China, with a market share of about 5.9%. By revenue, in 2024, the market share of AI + power detection monitoring solutions accounted for approximately 2.2% of the Chinese AI + rail transit solutions industry market. Based on the company's rail transit revenue in 2024, the company ranks third among companies providing AI + detection monitoring solutions in China's rail transit industry, with a market share of approximately 1.8%. According to Insight Consultancy, in terms of revenue, the market share of AI + rail transit detection monitoring solutions accounted for approximately 11.6% of the Chinese AI + rail transit solutions market in 2024. In addition, controlling operating expenses to achieve optimal operational efficiency is also important for the company's success. For the fiscal years ended December 31, 2022, 2023, and 2024, and the six months ended June 30, 2025, the company's annual or period profit were RMB 63.2 million, RMB 88.6 million, RMB 115 million, and RMB 40.1 million respectively. As the company's business continues to grow, the company plans to optimize its main business costs and operating expenses by increasing economies of scale and cost efficiency. The company plans to optimize administrative expenses by increasing centralized management levels, streamlining internal workflows, and utilizing technology to improve cost effectiveness and productivity. The company's success will depend on its ability to further develop its products and solutions in a cost-effective manner and maintain competitive profit margins as the business expands. Assuming the offering price is HK$93.0 per share (the midpoint of the offering price range), after deducting underwriting fees, commissions, estimated expenses for the global offering, and assuming the over-allotment option is not exercised, the company estimates to receive a net proceeds of approximately HK$307 million from the global offering. Assuming the offering price is set at HK$93.0 per share (the midpoint of the indicative offering price range), the company plans to use the net proceeds from the global offering over the next three years as follows: approximately 40.0% will be used for continued research of the company's core technologies to strengthen its technical capabilities and the foundation of its products and services; approximately 40.0% will be used to build the company's research and development technology center and new headquarters base; approximately 10.0% will be used to seek potential strategic investment and acquisition opportunities to implement the company's long-term growth strategy of optimizing products and solutions, and expanding and/or penetrating the industries of the end customers covered by the company; approximately 10.0% will be used for working capital and general corporate purposes.