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GalaxyCore files for IPO
Posted on Wednesday, 08 July 2020 07:16
GalaxyCore has started the process of holding an initial public offering (IPO) on Shanghai’s Science and Technology Innovation Board worth as much as CNY 6.96 billion (USD 991.62 million).
The Cayman Islands-incorporated, Chinese fabless image sensor company intends to sell up to 396.88 million new shares in the first-time share sale.
GalaxyCore’s image sensors and display driver chips target the global mobile device and consumer electronics market; they are mainly used in mobile phones, tablets, laptops and wearable devices.
The company claims to be an international supplier of charge-coupled device image sensors: it recorded 1.31 billion in shipments in 2019, which accounted for a 20.7 per cent market share.
It had pperating income of 1.25 billion in the first three months of 2020 and CNY 3.69 billion in the 12 months ended 31st December 2019 (FY 2018: CNY 2.19 billion; FY 2017: CNY 1.97 billion).
Net profit amounted to CNY 196.51 million in Q1 2020 and CNY 359.37 million in FY 2019 (FY 2018: CNY 499.75 million; FY 2017: CNY 8.72 million loss).
GalaxyCore completed a financing round in 2020 that helped reduce the asset-liability ratio from 91.0 per cent as at 31st December 2019 to 59.5 per cent as at 31st March 2020.
Proceeds will be used to bankroll a 12-inch complementary metal oxide semiconductor image sensor integrated circuit project and research and development.
The global semiconductor market is expected to increase at a compound annual growth rate of 4.8 per cent between 2020 and 2024 to reach USD 521.51 billion, according to the statement.
Wireless communication, demand for advanced safety features in automotive and widespread adoption of internet-connected devices are major drivers.
Zephyr, the M&A database published by Bureau van Dijk, shows the IPO is the 12th largest announced globally so far this year.
The biggest to date is the USD 3.53 billion IPO by China Three Gorges Renewables.
© Zephus Ltd