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Sports shoe maker seeks primary listing on TWSE

2012/04/21 19:54:37

Taipei, April 21 (CNA) Fulgent Sun International (Holding) Co. Ltd., a Cayman Islands-registered contract sports shoe maker, has filed an application with the Taiwan Stock Exchange (TWSE) for a primary listing, the exchange said Friday.

The footwear supplier is the second foreign company to seek a listing on the TWSE so far this year, the exchange added.

According to the company's prospectus, Fulgent Sun, which is capitalized at NT$952 million (US$32.27 million), is planning to issue 13.96 million shares for the listing.

The company said it has tentatively set the issue price at NT$40 per share, to raise about NT$558 million as working capital for future expansion.

It added that Yuanta Securities and First Securities are serving as the underwriters for the market listing and that the fundraising plan is expected to be realized in the fourth quarter of this year.

Fulgent Sun currently operates production lines in China's Fujian and Hubei provinces, as well as in Hanoi, Vietnam, and also runs a branch in Taiwan that is in charge of taking orders from overseas, making raw material purchases, and managing its finances.

Among its major customers are Nike, Crocs, Decathlon, Meindl, Columbia, Mammut, Salewa, Inov-8, ASG, Toread, and Li-Ning, the company said.

In 2011, Europe accounted for 49.18 percent of Fulgent Sun's total consolidated sales, worth NT$7.25 billion, ahead of China with 26.55 percent and the Americas with 17.49 percent.

Fulgent Sun posted NT$471 million in consolidated net profit last year, down 25.4 percent from a year earlier due to rising operating costs, including wage hikes and expenses in production expansion.

Its earnings per share for 2011 stood at NT$5.44, compared with NT$8.03 recorded the previous year.

So far, a total of 18 foreign companies have launched primary listings on Taiwan's main board.

(By Tian Yu-pin and Frances Huang)