IKKA Holdings (Cayman) Ltd (第一化成控股), a maker of precision plastic injection molded components, is expected to become the first Japanese company to launch a primary listing in Taiwan, with its Taiwan Stock Exchange (TWSE) listing scheduled for May 31, the exchange said.
IKKA Holdings registered in the British Cayman Islands in March 2016. Its major operations are in Japan, as it is an electric vehicle parts supplier to large Japanese automakers.
For the listing, IKKA Holdings is planning to issue 5 million new shares and has tentatively set an issuance price of NT$76, with 15 percent of the shares to be reserved for its employees.
Photo: Lin Jin-hua, Taipei Times
For the underwriting process, an auction was scheduled from yesterday to tomorrow with a floor price of NT$66.09, and the bidding results are expected to be announced on Monday, the TWSE said.
Concord Securities Co (康和證券) and First Securities Inc (第一金證券) would serve as the underwriters for the listing.
Auto parts account for 60.9 percent of IKKA Holdings’ total sales, with Japanese firms such as Toyota Motor Corp, Honda Motor Co and Nissan Motor Co its major customers, the company has said.
IKKA Holdings is also a supplier of toilet and bathroom equipment, and automation machinery. Japan’s Sumitomo Corp, Aisin Seiki Co and Toto Ltd are among the company’s top three customers, while Germany’s Bosch AG is the major buyer of its automation machinery.
IKKA Holdings produces electronic parking brakes and toilet and bathroom items in Japan and China, manufactures relay boxes in Vietnam and makes automation machinery parts in Malaysia.
IKKA Holdings posted earnings per share (EPS) of NT$5.20 last year on sales of NT$3.62 billion (US$129.5 million), compared with EPS of NT$5.93 in 2019 and NT$4.19 in 2018.
In the first four months of this year, it reported NT$1.269 billion in consolidated sales, up 17.12 percent from a year earlier, while its sales for last month soared 20 percent annually to NT$306 million.
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