NUOBIKAN (02635) conducted its IPO subscription from December 15 to 18, offering 3.787 million H shares. The public offering portion accounted for 10% of the total shares, with a price range between HK$80 and HK$106 per share, aiming to raise up to HK$400 million.

The bookbuilding closed with HK$5.85 billion in margin financing from brokers, representing an oversubscription of 144.7 times against the public offering amount of HK$40.14 million. Each board lot consists of 50 shares, with an entry fee of HK$5,353.5 per lot.

NUOBIKAN is expected to list on December 23, with China International Capital Corporation (CICC) acting as the sole sponsor. The IPO did not involve cornerstone investors.

The company specializes in developing and selling monitoring and inspection products, along with urban governance solutions, primarily for railway operators and power grid companies in China. Its integrated AI-driven hardware-software solutions are designed for monitoring, inspection, and maintenance purposes.

According to Frost & Sullivan, NUOBIKAN ranked as China's second-largest AI-powered power supply inspection and monitoring system provider in 2024, holding a 5.9% market share based on revenue from rail transit-related power supply services. The AI-powered power inspection solutions segment accounted for approximately 2.2% of China's AI-powered rail transit solutions market by revenue in 2024.

In the broader AI-powered rail transit inspection and monitoring solutions market, NUOBIKAN ranked third with a 1.8% share. This segment represented about 11.6% of China's AI-powered rail transit solutions industry in 2024.

For the fiscal years ending December 31, 2022, 2023, and 2024, as well as the six months ending June 30, 2025, the company reported profits of RMB63.2 million, RMB88.6 million, RMB115 million, and RMB40.1 million, respectively. Revenue for the first half of 2025 reached RMB230 million, marking a 24.7% year-on-year increase.