IPO TimelinesWe know from WeBull that the IPO prospectus was submitted on May May 22 2023, as indeed it had to be included with the listing application process.
The remainder ofthe time lines are as follows..
Vetting
1....Once the A1 and the listing set of documents are submitted, the SEHK will carry a three-day preliminary assessment and check whether all documents from the checklist have been submitted.
I assume that they got everything right this third time
2....Within four weeks from the acceptance of the set of documents, the SEHK will give its comments on the submitted documents.
This should be no later than late June 2023
I assume that at this stage of the process to all SEHK’s comments have been addressed in a timely manner in the new submission and the Prospectus is accepted no later than late June 2023.
Hearing
Once all SEHK comments are resolved, a hearing date will be scheduled during which the application and the major outstanding issues will be discussed with the SEHK.
3....The hearing usually takes place 20 days before the listing.
If all went well, the hearing would be no later than late June 2023
Stage 3: Marketing and offering
4...Following the hearing, the SEHK will decide whether to approve the application or set additional criteria to be met before the offering can take place.
Again, I assume that all criteria have been met by late june 2023 in this iteration of the IPO
5...Once the final approval is received by SEHK, the issuer will hold a board meeting during which the board will approve the listing.
I assume this will be sometime before Mid July 2023
6...The post-hearing decision and prospectus are published on the SEHK’s website, and roadshows start taking place with the aim of identifying demand and establishing a general idea on the initial offering price of the shares.
Perhaps by mid July
7.....The Hong Kong public offering starts with the registration of the prospectus with the Hong Kong Registrar of Companies. The offer is up for approximately three and a half days and usually ends with the book-building process.
8...At this stage, the initial offering price is set, and the underwriting agreement is signed. Public offering commences.
If all went well, its my opinion that these timelines means that the Public offering will take place sometime before the end of July 2023 depending on how many days up to 20 days that the initial hearing requied.
Along the same lines, the listing should be approved and announced within the first two weeks of July
It is presumptive in this timeline that this third submissions have met all required acceptance criteria
GLTA