Glint Holdings Limited

Date of Prospectus: 30 September 2025

Glint Holdings Limited GEM IPO: Key Facts, Strategic Analysis, and Investor Outlook

Glint Holdings Limited’s upcoming IPO on GEM is set to draw significant attention from investors seeking exposure to Hong Kong’s E&M engineering sector. This comprehensive review covers the offer structure, company fundamentals, financials, risk factors, and first-day outlook based solely on prospectus disclosures.

IPO Snapshot: Glint Holdings Limited GEM Listing

IPO Symbol: Not disclosed
Offer Price Range: HK\$0.45 – HK\$0.65 per share
Expected Offer Price (Mid-point): HK\$0.55 per share
Total Offer Size: 100,000,000 shares (Offer Size Adjustment Option up to 15,000,000 additional shares)
Post-IPO Outstanding Shares: 400,000,000 shares (assuming no Over-allotment Option exercised)

Use of Proceeds: Net proceeds estimated at HK\$46.2 million (assuming mid-point price, no Over-allotment Option exercised). Funds will be used for:

• Up-front costs and working capital for new, larger projects: Major allocation toward project expansion and bidding for sizeable contracts.
• Recruiting additional staff: To support anticipated business growth and project scale-up.
• General working capital: To further solidify the financial foundation.

This indicates a growth-driven strategy focused on scaling operations and capturing market opportunities [[331]].

Offer Structure and Placement Breakdown

Public Offer: 10,000,000 shares (10%)
Placing: 90,000,000 shares (90%)
Over-Allotment Option: Up to 15,000,000 additional shares (15% of the initial offer), exercisable at the discretion of the Joint Overall Coordinators [[39]].
Share Option Scheme: Adopted, with options to be granted post-listing (no options granted at prospectus date) [[255]], [[536]].

Investor Participation and Book Quality

Anchor/Institutional Investors: Not specifically named or disclosed.
Subscription Levels: Not disclosed.
Pre-Listing Disposals/Sales by Early Shareholders: Not disclosed.

Deal Structure, Sponsors, and Underwriters

Sole Sponsor: Alliance Capital Partners Limited
Joint Overall Coordinators, Joint Bookrunners, Joint Lead Managers: Names not disclosed beyond Alliance Capital Partners Limited as Sole Sponsor [[31]], [[38]], [[67]].
Public Offer Underwriters and Placing Underwriters: Not specifically listed by name in the summary, but referenced as parties to the underwriting agreements.
Stabilization/Greenshoe: Over-allotment option (Offer Size Adjustment Option) of up to 15% of the offer size [[39]].
Underwriting Fee: Total listing expenses of approximately HK\$16.7 million, including underwriting commissions of about HK\$2.8 million [[327]], [[328]].

Company Overview: Business Model and Market Position

Core Business: Glint Holdings Limited is an established contractor in Hong Kong specializing in E&M (Electrical and Mechanical) engineering works. The company’s history dates back to 2006.
Key Services:

• Supply, installation, and maintenance of:
• HVAC systems
• Electrical systems
• Plumbing and drainage systems

Revenue Model: Project-based, predominantly acting as a main contractor for private sector projects, with the majority of revenue derived from sizeable property managers [[12]].
Geographical Focus: Hong Kong
Revenue Segmentation: Private sector projects accounted for 97.7% (FY2023/24) and 98.2% (FY2024/25) of total revenue [[12]].

Industry Landscape and Market Size

Sector: E&M engineering, with a focus on HVAC, electrical, and plumbing/drainage works.
Industry Overview: Independent market analysis by Frost & Sullivan highlights sustained demand for E&M engineering services in Hong Kong, driven by ongoing property management and infrastructure growth [[82]].
Market Size and Trends: Not quantified in the summary, but described as a growth industry with opportunities for scaling operations, particularly in larger projects.

Financial Health and Performance Metrics

Key Financial Ratios: The company maintains a net cash position with strong interest coverage and improving return on assets [[25]].

Financial Position: As of 31 March 2025, cash and cash equivalents stood at HK\$16.1 million [[331]].
Profitability: The company expects a substantial decrease in net profit for FY2025/26 primarily due to higher listing expenses, though gross profit is expected to remain stable. Gross profit margin is anticipated to slightly decrease as the company bids more competitively for large projects [[30]].
Minimum Public Float: 25% of enlarged share capital post-listing [[255]].

Competitive Advantages and Market Position

Brand Strength: The company has established a strong track record with major property management clients in Hong Kong.
Strategic Focus: Growth via larger project tenders, building client relationships, and leveraging experience to win substantial contracts. This approach is expected to support both revenue growth and long-term market standing [[29]].

Management and Governance

Board and Key Executives: Details on individual names and backgrounds are not included in the summary. Directors have affirmed compliance with all applicable Hong Kong laws and regulations [[26]].

Industry Trends, IPO Timing, and Economic Environment

Sector Trends: Increasing demand for E&M engineering services driven by property sector needs in Hong Kong.
IPO Timing: Public offer opens 30 September 2025; closes 6 October 2025 at noon. Listing expected 10 October 2025 [[6]], [[7]].
Macro Environment: The prospectus cites stable macroeconomic conditions in Hong Kong, but notes that severe weather, regulatory changes, or market volatility could impact the offer or business [[8]], [[62]].
Recent Developments: Acquisition of Xuan Holding in June 2025 to augment the company’s capabilities and portfolio [[328]].

Risk Factors

Key Risks Disclosed:

• Customer concentration: Substantial revenue from the five largest customers; any loss could significantly impact financials [[47]].
• Gross margin pressure: Aggressive bidding for larger projects may dilute margins, despite higher absolute gross profit [[29]].
• Regulatory/compliance: Changes in laws or regulations could impose higher costs [[62]].
• Immediate dilution: Offer price exceeds consolidated net tangible assets per share; post-offer pro forma net tangible asset value per share is HK\$0.216–0.263, compared to the offer price range [[62]], [[461]].
• Market risk: No assurance of a liquid or active trading market post-listing; price volatility possible [[62]].
• Shareholder control: Controlling shareholders will own 64.5% post-offer, potentially influencing company direction [[63]].
• Legal proceedings: No material litigation or claims pending as of the latest practicable date [[26]], [[537]].

Growth Strategy

Key Initiatives:

• Pursuit of larger-scale E&M projects to increase revenue and market share [[29]], [[330]].
• Investment in working capital and recruitment to support growth [[331]].
• Leverage enhanced corporate profile and listed status to win customer trust and become eligible for more tenders [[330]].
• No proceeds from the listing will be used to fund the recent Xuan Holding acquisition [[73]].

Management expects business expansion to require increased up-front costs and additional staffing, both of which are addressed in the use of proceeds [[341]].

Ownership Structure and Lock-up Arrangements

Post-IPO Shareholding: Controlling shareholders will own 64.5% of the company after the offer, excluding any over-allotment option or ESOP exercise [[63]].
Lock-up: The company and its major shareholders are subject to a six-month lock-up period post-listing, during which they cannot issue or dispose of shares without prior written consent from the Joint Overall Coordinators [[349]].
Share Option Scheme: Adopted but no options granted as of prospectus date [[255]], [[536]].

Valuation and Peer Comparison

Valuation Metrics: P/E, P/B, EV/EBITDA, and peer company comparables are not disclosed in the prospectus.
Comparable IPOs: No contemporaneous IPOs or peer sector performance figures are disclosed.

Research Coverage and Analyst Opinions

Analyst Coverage: No research reports, price targets, or analyst opinions are included or referenced.

IPO Allotment and Subscription Results

Final allocation and oversubscription metrics: Not disclosed. The company will publish results at www.iporesults.com.hk and www.glint.com.hk after the offer closes [[7]], [[372]].

Listing Outlook and First-Day Trading Prospects

Based on the strong net cash position, high interest coverage, and clear growth strategy, Glint Holdings Limited enters the market as a financially healthy, growth-oriented E&M contractor. However, immediate dilution for new investors, customer concentration, and potential margin compression are notable risks. The six-month lock-up by major shareholders and the involvement of a recognized sponsor (Alliance Capital Partners Limited) suggest an orderly listing environment.

Inference from prospectus data: If demand for E&M services in Hong Kong continues and the company executes on its plan to secure larger projects, the IPO could attract strong interest. The lack of disclosed oversubscription data prevents a definitive call on first-day performance, but the combination of net cash, sector growth, and a clear use of proceeds is supportive. Given the post-offer dilution, an opening trade near the lower half of the price range may be warranted, but upside is possible if institutional support materializes.

Prospectus Access

For the full prospectus, visit: www.hkexnews.hk or www.glint.com.hk

How to Apply for Glint Holdings Limited IPO

Application Channels:

• White Form eIPO service (www.eipo.com.hk): For applicants who wish to receive physical share certificates. Application period: 9:00 a.m. 30 September 2025 to 11:30 a.m. 6 October 2025 (Hong Kong time). Payment must be completed by 12:00 noon, 6 October 2025.
• HKSCC EIPO channel: Through brokers or custodians who are HKSCC participants, for shares credited directly to CCASS.

Eligibility: Applicants must be at least 18 years old with a Hong Kong address (for White Form eIPO). Directors, their close associates, and existing shareholders (and their close associates) are not eligible to apply [[363]].
Result Announcement: Allocation results will be available at www.iporesults.com.hk and www.glint.com.hk from 11:00 p.m. on 9 October 2025.