Smartflex Holdings launches IPO with 13 mln new shares

The provider of integrated circuit grabbed 7.2% global market share of IC manufacturing with 320 million output in 2009.

Smartflex Holdings Ltd., a comprehensive provider of integrated circuit (IC) module assembly and testing services for contact and dual interface smart cards, has launched its initial public offering (IPO), in conjunction with its proposed listing on Catalist, the Sponsor-supervised board of the Singapore Exchange Securities Trading Limited (SGX-ST).

Smartflex’s offering comprises 13 million new shares at 22 cents each, of which 11.5 million are placement shares and 1.5 million are offer shares, Smartflex Holdings report said.

The new shares to be issued represent approximately 15.8% of Smartflex’s enlarged issued share capital after the IPO. At 22 cents per share, Smartflex is priced at a historical price-earnings ratio of approximately 5.5 times, based on its earnings per share of about 4 cents for the financial year ended 31 December 2009.

Smartflex hopes to raise approximately $2.86 million in gross proceeds from this listing. The net proceeds will be utilized for expansion of the company’s production facilities and general working capital requirements.

Commenting on the Company’s listing, Mr Tan Tong Guan, Executive Chairman of Smartflex said, “Our decision to list is a natural choice for us based on the Company’s current stage of development. We are a young and dynamic company. With our core competencies and full suite of services, coupled with the healthy growth prospects for the smart card industry, we believe our listing will propel us into the next phase of growth.”

Smartflex’s share offering will close at 12.00 noon on 15 July 2010. Trading of the shares is expected to commence at 9.00 am on 19 July 2010.

Commenting on the Company’s prospects Mr Tan said, “Our client base is relatively diversified in terms of industry and geography, and reflects our high standards of product and service quality.Going forward, we plan to further strengthen our market position by upgrading our capabilities to develop solutions for higher end, higher margin products, and expanding into existing and new markets overseas.”

According to Eurosmart, a Brussels-based association of the smart security industry, some 4.4 billion smart cards were shipped in 2009. Based on Smartflex’s 320 million output in 2009, the Company’s market share of this business is estimated to be about 7.2%.

For the financial year that ended 31 December 2009, Smartflex achieved a profit before tax of US$2.3 million on revenue of US$18.1 million.

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