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Impressive display shaped for $282m

Grace Cao

Tuesday, February 21, 2012

Korean-managed Fine Holdings started bookbuilding yesterday as its seeks to raise HK$282 million in an initial public offering.

The firm, whose majority shareholders are Seoul-listed Fine DNC Korea and Fine Technix, makes metallic moulds of display panels for LCD televisions and tablets.

Samsung is its No1 client with 11 percent of sales in the eight months to August 31.

Fine has reported being hurt by rising costs of raw materials, including stainless steel and aluminum. Its gross profit margin fell by 2.7 percent to 17.3 percent in the eight months.

Average sales price of metallic moulds used in LCD TVs and computers stood at 32.77 yuan (HK$40.4) per unit and 4.12 yuan (HK$5.07) per unit by the end of August.

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Some Korean and Taiwan funds said they are keen to subscribe to a Fine Holdings float.

The retail book will open on February 29. There is an indicative range of between 70 HK cents and 94 HK cents per share.

In other action, state-owned China Railway Materials Commercial Corp aims to float shares in Hong Kong and Shanghai by August.

Hong Kong-based Skyway Securities Investment, meanwhile, is eyeing an IPO of HK$100 million in the second quarter.

And Sunshine Oilsands attracted HK$28.8 million in margin orders as it opened the retail book for its HK$4.69 billion public float.


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