SMC Electric to launch IPO

China-based electric tools and electric fans export industry SMC Electric (2381) is to launched initial public offering Saturday to raise net proceeds of approximately HK$44.7 million.

The offer price range is between 33.5 HK cents to 38 HK cents per share while 375 million shares is issued. The minimum investment is HK$2282.46.

SMC Electric was founded by Yung Yau since 1952. His son gave its listing place to China Overseas (0688) in 2010. They now want to list their electric appliance business after business restructuring.

The shares will close its subscription on March 6 and shares are expected to commence March 17. Red Sun Capital Limited is the Sole Sponsor.