HK Asia Holdings Ltd, a provider of SIM cards targeting Filipino and Indonesian domestic workers in Hong Kong, has filed for an initial public offering on the city’s stock exchange.

The IPO application submitted to the Stock Exchange of Hong Kong explained how the company catered to Filipino and Indonesian workers’ high demand for local and international phone calls and mobile data services.

The company recorded HK$191.98 million (US$24.58 million) in revenue in its 2017 fiscal year, of which 66.7% came from Filipino maids and the rest from Indonesians.

Net profit for the past three fiscal years was HK$26.31 million in 2017, HK$23.01 million in 2016 and HK$26.78 million in 2015.

In the submitted information, the company cited a market research report that it had captured a market share of 37.5% and ranked first in the Hong Kong prepaid SIM card market targeted at Filipinos, while it enjoyed a 29.8% share of the market targeted at Indonesians, ranking second.

The company operates self-managed retail shops in Central and Causeway Bay on Hong Kong Island, as well as in Tsuen Wan and Yuen Long in the New Territories, where staff are able to speak Filipino and Indonesian.

It said it planned to open more self-managed retail shops in Mong Kok, Sha Tin, Mei Foo, Tsim Sha Tsui and Sheung Shui over the next three years.