Materials Analysis Technology Inc (MA-tek, 閎康科技), the nation’s largest materials analysis lab, plans to sell 3.2 million new shares on the GRETAI Securities Market on Tuesday at a price of NT$18.8 per share, underwriter Fubon Securities Co (富邦證券) said.
The company’s initial public offering (IPO) is expected to raise NT$60.4 million (US$1.8 million), although 10 percent of the offering will be reserved for company employees, MA-tek said in its IPO prospectus released yesterday.
Despite incurring losses in the first quarter of this year, MA-tek has returned to the level of its sales performance for last year and is expected to see robust sales growth next year, Fubon said in a press statement.
Fubon believes that the company will trade at a 15 times price earnings (PE) ratio in the upcoming year after its PE ratio had previously outperformed other stocks at levels between 12 and 20.
“Investors have expressed great interest in buying up the new shares since the [new share] price will be at a discount,” Fubon Securities vice president Edwin Liao (廖鴻輝) said by telephone yesterday.
The company’s stock closed at NT$30 on the Emerging Stock Market yesterday. MA-tek, established in 2002, posted NT$145 million in revenues for the first half of this year, a 10 percent decline year-on-year, after reporting NT$336 million in revenues, up 27 percent year-on-year, last year.
The company, which provides materials analysis services to most of the nation’s top-tier semiconductor manufacturers, reported NT$500 million in net profit, or NT$1.5 in earnings per share, with an average gross margin of 40 percent to 50 percent, Fubon said. The company has five laboratories and one sales office.
At an investment road show yesterday, MA-tek chief operating officer Hsieh Yong-fen (謝詠芬) described her company as a “doctor in the information communication technology [ICT] industry.”
“MA-tek is experiencing positive momentum along with the revival of the semiconductor industry and their related testing requirements,” Fubon senior vice president Chen En-kuang (陳恩光) said yesterday, adding that Ma-tek had also been aggressive in its strategic mapping in Japan — the center of global materials analysis.
additional reporting by Elizabeth Tchii
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