Shares of Star Comgistic Capital Co (燦星網通), the nation’s leading maker of small home electronics products, rose 5.7 percent on its debut on the Taiwan Stock Exchange yesterday.
The stock soared 9 percent during mid-day trade before retreating to close at NT$29.60, up NT$1.60 from its initial public offering (IPO) price of NT$28.
Star Comgistic was spun off from Tsann Kuen Enterprise Co (燦坤實業) in November to allow Tsann Kuen, the nation’s largest home electronics and computer retail chain, to focus on its core business.
Star Comgistic is set to take over the group’s online travel agency unit, Star Travel Corp (燦星旅遊網), as well as its home electronics manufacturing unit.
Company chairman Jack Chien (簡德榮) told reporters during the IPO ceremony yesterday morning that the company would use capital from the listing to expand its travel and production businesses.
Star Comgistic makes a slew of small electronics products, including flat irons, coffeemakers, toasters, juicers and microwaves under various brand names: Eupa, Swift, Tiziano, Fujimaru and Fora. The company said it would move into green products such as LED light bulbs, in the near term.
The company reported profits of NT$832 million, or earnings per share of NT$2.96, last year. It said EPS in the first five months of this year reached NT$1.56.
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