IPO News | BBSB INTL (08610) ended its prospectus and recorded a margin subscription amount of HK$77.87 billion, an overpurchase of 8898 times

The Zhitong Finance App learned that the civil engineering contractor BBSB INTL (08610) offered shares from December 31, 2025 to January 8, 2026, and has recently closed its offering. BBSB INTL recently received a margin loan of HK$77.87 billion from a brokerage firm, which oversubscribed 8898 times, based on a public sale raising capital of HK$8.75 million. If cash and bank channel subscriptions are included, the total subscription scale may exceed HK$80 billion, or even higher, and may challenge the “overpurchase king” status of Gold Leaf International (08549), which has overbought by more than 11,000 times.

BBSB INTL plans to issue 130 million shares, of which public sale accounts for 10% and placement matters account for 90%. The offering price ranged from HK$0.6 to HK$0.7, and raised up to HK$87.5 million, 4,000 shares per lot, and an entry fee of HK$2828.2 for the first hand. BBSB INTL is expected to be listed and traded on the GEM of the Hong Kong Stock Exchange on January 13, 2026, with Ligao Corporate Finance Limited as its sole sponsor.

In this release, BBSB INTL introduced Malaysian businessmen Choy Joo Seong and Tan Nam Joo as cornerstone investors, with a total investment of approximately HK$14 million.

According to the prospectus, BBSB INTL is a civil engineering contractor with more than 16 years of experience in Malaysia, providing bridge engineering services as a contractor for large-scale transportation infrastructure projects owned or initiated by the Malaysian government or government affiliated companies.

Using the company's reputation and experience in the Malaysian civil engineering industry, BBSB INTL expanded its civil engineering service strategy to include flood control projects during the track record period. This expansion is due to bridge engineering and flood control engineering having common engineering procedures in terms of planning, geotechnical engineering, structural design, construction methods, and environmental compliance.

The company holds G7 CE (civil engineering construction), Class B (building construction) and ME (electrical and mechanical engineering) qualifications from the Construction Industry Development Authority in Malaysia. It is the highest level contractor license from the Construction Industry Development Authority, which allows the company to undertake civil and structural works without any bid/contract value.

Since its establishment, BBSB INTL has participated in a number of important transportation infrastructure projects in Malaysia, such as Eastern Evacuation Boulevard, Ambassador Road-Tamgang Boulevard, Damansaro-Shayaman Elevated Boulevard and SUKE Expressway. In 2024, the company ranked 10th among the largest bridge engineering subcontractors in Malaysia in terms of bridge engineering turnover, with a market share of about 2.5%.

On the financial side, in fiscal year 2023, fiscal year 2024, the first 6 months of 2024, and the first 6 months of 2025, the company achieved revenue of approximately RM76.8 million, RM133 million, RM69.8 million and RM74 million respectively. The company recorded a net loss of approximately RM14.5 million in fiscal year 2023, and net profit of approximately RM26.2 million, RM12.1 million and RM3.2 million in fiscal year 2024, the first 6 months of 2024, and the first 6 months of 2025, respectively.

According to the prospectus, BBSB INTL plans to use about 65.2% of the net proceeds from the sale of shares to strengthen financial conditions; about 19.8% to expand manpower to support growth in various regions; about 5% to upgrade and digitize information systems and internal processes; and about 10% for general working capital purposes.