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Trio Industrial to go public
Posted on Monday, 13 November 2017 10:33
Trio Industrial Electronics Group has filed an HKD 180.00 million (USD 23.07 million) initial public offering to list on the Hong Kong Stock Exchange (HKEX).
The industrial electronic components maker is issuing 25.00 million new shares to Hong Kong investors, while a further 225.00 million will be allocated via an international placing.
Although the offer price has not yet been determined, Trio Industrial indicated it could range between HKD 0.52 and HKD 0.72 per stock.
Altogether, the new shares represent 25.0 per cent of the group’s enlarged capital.
Halcyon Securities, VMS Securities, Great Roc Capital Securities and KGI Capital have been appointed as bookrunners, lead managers and underwriters to the transaction, which is slated to complete on 23rd November 2017.
Founded in 1983, Trio is a manufacturer of electromechanical products, switch-mode power supplies and smart chargers.
Its components are used in a wide range of applications, including in renewable energy, telecommunications and commercial freight equipment, as well as medical devices and security systems.
The company is headquartered in Hong Kong and has manufacturing facilities in Guangzhou, China.
Trio Industrial posted revenue of HKD 297.32 million in the five months ended 31st May 2017, down 10.2 per cent on the HKD 327.71 million recorded during the same timeframe of the previous year.
Net profit for the period totalled HKD 20.64 million, compared to HKD 33.29 million in the same interval of 2016.
Trio Industrial plans to utilise 74.8 per cent of the IPO proceeds to develop a new production base and to upgrade its existing manufacturing facilities.
The remaining amount will be used to establish offices in Dublin, Paris and Guangzhou, as well as for working capital and other general corporate expenses.
According to Zephyr, the M&A database published by Bureau van Dijk, there have so far been 41 IPOs on the HKEX completed since the beginning of this year.
© Zephus Ltd