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BIZCHINA / Medicine |
Sunny Optical Technology to offer 270m shares in HK IPOBy ()
Updated: 2007-06-04 16:21 Sunny Optical Technology (Group) Co Ltd, a China-based maker of optical components, said that it is to offer 270 million shares at HK$3.0-3.82 per share during its initial public offering (IPO) in Hong Kong. Retail subscription opens today and closes on June 7, with trading of shares expected to commence on June 15. The company is principally engaged in the design, research, development, manufacturing and selling of optical components and optoelectronic products. According to the prospectus, this includes mobile phone camera modules and optical instruments. It is expected to raise up to HK$1.03 billion in the IPO, of which HK$275 million will be used for the expansion of production capability and capacity and HK$123 million for the enhancement of research and development activities and facilities. Of the rest, HK$28 million is to be used for the acquisition of land, HK$25 million for the enhancement of information systems, HK$130 million for the repayment of short term bank loans, and the remainder for general corporate purposes. The company also said it will bring in Lifestyle International Holdings Ltd managing director Thomas Lau as a strategic investor. Lau has agreed to buy US$10 million worth of shares in the IPO, Sunny Optical said. Sunny intends to distribute 20-30 percent of the net profit as dividends after the IPO, the company added. (US$1 = HK$7.8) (For more biz stories, please visit Industry Updates)
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