World’s leading diffuser plate manufacturer successfully listed on TSE on August 26, 2009
Aug 26, 2009
We are proud to have worked with exceptional management team of Entire Technology Co., the world’s leading diffuser plate manufacturer in TFT supply chain, to achieve this important milestone. This is a great example of The CID Group's ability to use its extensive network to generate good returns even in the still challenging financial market environment.
The IPO price (initially priced at NT$86 per share) jumped 94% on the first day of trading to close at a NT$ 167 per share price (US$5.08). Since the IPO on August 26, 2009 and over the last three days, Entire has generated combined trading volume of 8,619,990 shares, resulting in three day average daily trading volume of over 2,873,330 shares. The closing market cap of Entire on August 28, was around NT$ 12.85 billion or US$ 390 million dollars (US$1= NT$32.925 as of August 28 )
In this investment, CID created real value and improved performance through hard work, collaboration with the Company and a strong partnership style via active participation in management. As Entire's highly active and hands-on partner as a board member and a supervisor, the firm assisted with business strategy development, executive recruitment, corporate governance and IPO preparation. Specifically, CID assisted the company to recruit the CFO via its network, who conducted & accomplished the IPO procedures. Also, the experienced ex-CID delegate undertook the company's sales & operation, and helped the company building extensive client base among world leading TFT players. Additionally, CID facilitated company's strategic partnership with IT giants-- Foxconn, AUO and Quanta Computer.
Despite the challenging economic environment, Entire showed exceptional financials, as reflected in its recently announced half-year 2009 earnings results. 2009 H1 revenues were NT$ 1.18 bn (YoY growth 63.5%) and net profit of NT$ 229 mil (08H1:NT$ 34.8 mil). The 2008 revenues were NT$ 1.624 bn (YoY 79.3%) and net profit NT$ 101.6 mil. The company expects the revenue growth to be above 80% in 2009.
CID invested NT$ 505mil (US$ 15.40 mil) in Entire at average cost of NT$ 28.72 (US$ 0.87) per share.
Additional information on Entire can be found at Bloomberg: 3573 TT and Reuters: 3573.tw.