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April 27, 2017

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Auto parts supplier Enterex seeks primary listing on TWSE

TAIPEI -- Enterex International Ltd., a Cayman Islands incorporated auto parts supplier, has filed an application with the Taiwan Stock Exchange (TWSE) for a primary listing on the main board, the TWSE said Thursday.

The TWSE said Enterex, which specializes in the production of auto components such as radiators, condensers and evaporators, is the second foreign registered company to seek a listing on the exchange so far this year.

According to a prospectus filed with the exchange, Enterex is planning to issue 11.20 million new shares for the listing and will reserve 10 percent of the new shares for its employees.

It has set the issue price tentatively at NT$40 (US$1.32) per share, aiming to raise about NT$448 million, which will be used as working capital for future business expansion, the company said.

The fund-raising is scheduled to be completed in the fourth quarter of this year, the prospectus showed.

The auto parts supplier currently operates a broad production base in Yangzhou in China's Jiangsu Province.

In 2013, Enterex posted NT$4.31 billion in sales, up from NT$3.76 billion in 2012, with North American buyers accounting for 87.68 percent of its total revenue.

In light of its huge North American market, the auto parts maker set up a research and development center — Enterex America International LLC — in the United States in 2009.

In 2011, Enterex established another subsidiary, Automotive Parts Distribution International LLC, in the U.S. to distribute its products in the North American market.

Enterex is now gearing up to penetrate the huge China market, which has a fast growing auto segment. In addition, Enterex has been working with a group of engineers from the U.S., Taiwan, China and Japan to develop radiators for electric cars, amid growing environmental awareness.

Last year, Enterex's net profit totaled NT$397.59 million, down from NT$485.31 million in 2012, while its earnings per share stood at NT$4.76, compared with NT$4.92 in 2012.

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