Jun 07, 2021 (China Knowledge) - Shenzhen Sosen Electronics (301002) to start trading on the Shenzhen ChiNext Market today. The IPO is priced at RMB 18.71 per share to raise RMB 442.1 mln. Its initial listing shares accounts for 25% of total outstanding shares. The company’s initial price-to-earnings ratio (PE) stands at 18.12. During subscription the IPO was 6,408 times oversubscribed.
Changjiang Securities acted as the lead underwriter and sponsor for the IPO.
Shenzhen Sosen Electronics is a China-based company mainly engaged in the research, development, production, and sales of light-emitting diode (LED) drive power supplies. The Company’s main LED drive power products are mainly combined with LED light sources and housings to form LED lighting products. Its main function is to convert external power supply into a specific voltage and current to drive LED lighting products to emit light and perform corresponding control. The Company's products are widely used in outdoor lighting, plant lighting, industrial lighting, landscape lighting, smart lighting and other markets at home and abroad.
In financial year 2020, Shenzhen Sosen garnered a total revenue of RMB 676.4 mln, up 19.1% YoY. In terms of net income, it achieved RMB 99.5 mln, up 18.6% YoY. In the latest quarter of 2021, the company reported revenue of RMB 241.3 mln, a YoY increase of 160.9%, and its net profits reached RMB 26.7 mln, up 156.7% YoY.
The funds raised from the IPO will be used for improving its high-power LED smart drive power production base, smart power R&D projects, and supplementary working capital.
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