The GRETAI Securities Market yesterday approved plans by Eslite Spectrum Corp (誠品生活) to list on the over-the-counter (OTC) bourse as the creative industry gains popularity and value among investors, the company’s underwriter, Cathay Securities Co (國泰證券), said.
Eslite Spectrum, which operates 42 food and beverage outlets and boutique hotels in Taiwan and Hong Kong, is set to list by the Lunar New Year in February, Cathay Securities said.
“The listing will set off an initial public offering [IPO] fever given its fast-growing business,” the brokerage said.
On Wednesday, the GRETAI Securities Market said the OTC market had seen 37 new listings between Jan. 1 and Dec. 18, raising about NT$10 billion (US$344 million) in funds and boosting the number of total listed companies on the OTC market to 633.
Eslite Spectrum is a subsidiary of the Eslite Group (誠品集團), a Taiwanese conglomerate that runs various cultural and lifestyle brands such as bookstores, galleries and shopping centers.
The Eslite Spectrum posted NT$240 million in net profit for the first nine months of the year, an increase of 25.6 percent from the same period last year or earnings of NT$5.86 per share, company data showed.
Cumulative revenue totaled NT$7.54 billion as of September, up 11.5 percent from last year with gross margin of 23.99 percent. The company aims to open two to three outlets in Hong Kong next year and expand into China from 2014, Cathay Securities said.