Thursday, September 19, 2013
Xyec Picks Singapore Over Japan For IPO
SINGAPORE (Nikkei)--Xyec Holdings Co. on Wednesday went public on the Singapore Exchange's Catalist market for up-and-coming companies, becoming the first-ever Japanese firm to launch an initial public offering in the city-state.
The Tokyo firm, which owns seven information systems development firms, raised 6.5 million Singaporean dollars, or about 510 million yen. "We intend to expand our business in Southeast Asia," President Manabu Kobayashi said. Additionally, the firm hopes to attract talented engineers by promoting its newfound status as a public company.
Xyec's share price opened at 0.365 Singaporean dollar, higher than its IPO price of 0.26 Singaporean dollar.
The firm, whose clients include automobile-related firms, posted sales of 6.22 billion yen in the year ended March 31.
(The Nikkei, Sept. 19 morning edition)