LCY Technology Corp (榮科), a copper foil manufacturing arm of LCY Chemical Corp (李長榮化工), yesterday saw its shares soar 34.3 percent after its debut on the Taiwan Stock Exchange.
At one point in the morning session shares reached as high as NT$34.1, before closing at NT$33.3 on the main board, compared with its initial public offering (IPO) price of NT$24.8, Taiwan Stock Exchange (TWSE) data showed.
LCY Technology has raised NT$358.97 million (US$11.7 million) through the issuance of 13.085 million new shares, a TWSE filing showed.
The Taipei-headquartered company, which transferred its listing from the over-the-counter Taipei Exchange to the main board, has paid-in capital of NT$1.4 billion.
The company’s plant in Kaohsiung’s Linhai Industrial Park (臨海工業區) can produce 10,000 tonnes per year of copper foil used in printed circuit boards and copperclad laminate products.
In the first five months of this year, cumulative revenue fell 17.52 percent to NT$1.33 billion, from NT$1.61 billion in the same period last year.
At a pre-IPO presentation last month, LCY Technology gave a relatively optimistic business outlook for the next few years, citing a continuing undersupply of copper foil for lithium-ion batteries.
The company forecast that China’s demand for that type of copper foil product would reach 146,000 tonnes this year on the back of growing demand for electric cars.
It plans to begin selling copper foil for collision warning radar systems, part of efforts to increase the revenue contribution from copper foil used in automotive components from 30 percent last year to 35 percent, LCY Technology general manager Paul Chen (陳銘樹) said.
Net profit last year jumped 47.6 percent annually from NT$405.92 million to NT$599.23 million, with whole-year sales increasing 25.94 percent from NT$3 billion to a record-high NT$3.77 billion.
Gross margin last year also hit a record high of 23.33 percent, up from 15.65 percent in 2016, company data showed.
Shareholders on Wednesday approved a proposal to distribute a cash dividend of NT$3.5 per share, based on last year’s earnings per share of NT$4.28.
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