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Nikkei Markets

Trio Industrial Hong Kong IPO Priced At Mid-Point Of Indicative Range

By Carrie Chen
Nikkei Markets
HONG KONG (Nov 22) -- Hong Kong-based electronic components-maker Trio Industrial Electronics Group on Wednesday said its initial public offering was priced at 62 Hong Kong cents apiece, the mid-point of an indicative range.

The company offered 250 million shares at an indicative range of 52 Hong Kong cents to 72 Hong Kong cents apiece. Trio said the 25 million shares initially issued under the Hong Kong portion of the offering were "very significantly over-subscribed," with the section being subscribed more than 592 times. This resulted in the reallocation of 100 million shares from the international offering to the Hong Kong portion. The 225 million shares initially offered in the international section were moderately over-subscribed, the company said.

The issue has an over-allotment option of 37.5 million shares, or 15% of the shares on offer.

The shares are expected to list on Hong Kong's main board on Thursday.

Trio Industrial estimates net proceeds of about HK$109.2 million ($14 million) from the offering. It will use most of the money to expand production capacity and enhance efficiency, and the rest to establish offices in Ireland and France as well as the Chinese city of Guangzhou, and for working capital.

The company reported a profit of HK$20.6 million for the five months ended May 31, a 38% decrease from a year ago, while revenue for the period fell 9.3% to HK$297.3 million.

Halcyon Capital is the sole sponsor for the offering, while Halcyon Securities, VMS Securities, Great Roc Capital Securities and KGI Capital Asia are the joint bookrunners and lead managers.
- By Carrie Chen; carrie.chen@nikkeinewsrise.com; +852 3960 5102
- Edited by Suzannah Benjamin
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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