Enterex International Ltd (英瑞國際), a Cayman Islands incorporated auto parts supplier, has filed an application for a primary listing on the main board, the Taiwan Stock Exchange (TWSE) said on Wednesday.
The TWSE said Enterex, which specializes in the production of auto components such as radiators, condensers and evaporators, is the second foreign registered company to seek a listing on the exchange this year.
According to a prospectus filed with the stock exchange, Enterex is planning to issue 11.2 million new shares for the listing and will reserve 10 percent of the new shares for its employees.
It has set the issue price tentatively at NT$40 per share, aiming to raise about NT$448 million (US$14.9 million), which will be used as working capital for future business expansion, the company said.
The fundraising is scheduled to be completed in the fourth quarter of this year, the prospectus showed.
The auto parts supplier currently has a production base in Yangzhou in China’s Jiangsu Province.
Last year, Enterex posted NT$4.31 billion in sales, up from NT$3.76 billion in 2012, with North American buyers accounting for 87.68 percent of its total revenue.
In light of its huge North American market, the auto parts maker set up a research and development center — Enterex America International LLC — in the US in 2009.
In 2011, Enterex established another subsidiary, Automotive Parts Distribution International LLC, in the US to distribute its products in North America.
Enterex is gearing up to penetrate China, which has a fast growing auto segment.
In addition, Enterex has been working with a group of engineers from Taiwan, the US, China and Japan to develop radiators for electric cars, amid growing environmental awareness.
Last year, Enterex’s net profit totaled NT$397.59 million, down from NT$485.31 million in 2012, while its earnings per share stood at NT$4.76, compared with NT$4.92 the previous year.