BRIEF: Tianyu Semiconductor launches $215 million IPO
Silicon carbide epitaxial wafer maker Guangdong Tianyu Semiconductor Ltd. (2658.HK) on Thursday launched its Hong Kong IPO, aiming to raise about HK$1.67 billion ($215 million) by selling 30 million shares for HK$58 each. The stock will make its trading debut on Dec. 5.
The company reported revenue of 257 million yuan ($36.3 million) for the first five months of this year, down 13.5% from 297 million yuan a year earlier. It recorded a profit of 12.5 million for the most recent five-month period, reversing a 112 million yuan loss in the year-ago period.
Tianyu plans to use 62.5% of the IPO proceeds to boost its production capacity over the next five years. Another 15.1% will go to boosting its R&D capabilities, and 10.8% will be used for strategic investments.
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