ELECTRICAL lighting specialist J K Yaming International launches today its initial public offering which will raise net proceeds of S$11.3 million.

The offer consists of 52 million new shares priced at 25 cents apiece. The bulk of the shares, 46.9 million, is reserved for institutional investors, leaving 2.6 million for the public and the remaining 2.5 million for management and employees.

The offer represents 26 per cent of J K Yaming's enlarged share capital of 202,948,180 shares.

The share price represents about 6.1 times its historical earnings of 4.1 cents per share for the financial year ended Dec 31, 2000, based on the pre-invitation share capital of 150,948,180 shares.

The firm, whose notable lighting projects include Tiananmen Square and the Singapore-Suzhou Industrial Park, is a manufacturer and distributor of electrical lighting products. It also produces wire harnesses, which are the electrical wiring system in motor vehicles.

J K Yaming posted a profit before tax of S$7.7 million and turnover of S$46.9 million for the financial year 2000.

Overseas Union Bank is the manager, underwriter and lead placement agent for the IPO.

Subscription will close on Aug 6, and trading on the mainboard will start two days later on Aug 8.

Started in 1984, the company's production facilities are in China, while its head office is in Singapore.

《The Business Times》