BENQ HOLDING (02581) concluded its IPO subscription period from December 12 to midday December 17 and is expected to list on December 22. Market data shows that as of 11:00 AM on December 17, the hospital operator secured HK$368 million in margin financing from brokers, oversubscribing its public offering of HK$78.26 million by 3.7 times.

Under the offering, BENQ HOLDING plans to issue 67 million shares in Hong Kong at a price range of HK$9.34 to HK$11.68, aiming to raise up to HK$782 million. Each lot comprises 500 shares, with an entry fee of HK$5,898.9 per lot.

Proceeds allocation includes approximately 74.3% for expanding and upgrading existing hospitals, 16% for potential investments and acquisitions, 8% for "smart hospital" enhancements, and 1.8% for working capital and general corporate purposes.

The company has secured three cornerstone investors—Worrel Technology, Hefu China (603122.SH), and Suzhou Zhanxing Investment—committing to a combined $39.9 million in subscriptions. Its parent company, Qisda Corporation, holds a 95% stake.

When asked about post-listing synergies, CEO Hsiao Tse-Jung emphasized Qisda’s strong financial backing, which will support large-scale equipment procurement and facility upgrades to enhance competitiveness.

According to its prospectus, BENQ HOLDING operates two private for-profit general hospitals in mainland China—Nanjing BenQ Medical Center and Suzhou BenQ Medical Center. Frost & Sullivan data ranks it as the largest private for-profit hospital group in East China by 2024 revenue (1.0% market share), seventh nationally (0.4% share), and first in bed revenue efficiency among mainland China’s private hospital groups.