Japanese Bearing Manufacturer Hephaist Seiko Schedules June IPO
Resource from: www.ebearing.com Likes:3038
May 25,2004
Hephaist Seiko Co. Ltd. (Japan) received approval from Japan Securities Dealers Association (JSDA) to issue publicly traded stock and be listed on the JASDAQ market as of June 11, 2004. The company's ticker will be 6433.
The initial public offering of 1,200,000 shares involves 600,000 new shares and the availability of 600,000 shares currently in the hands of a variety of public investors and trading partners.
With the move, Hephaist Seiko becomes the first bearing company in recent years to shift from strictly private equity to become a publicly traded entity. While Jasdaq Market Services Inc. will list the securities, they are underwritten by Shinko Securities Co. Ltd.
The Jasdaq is an over-the-counter market, Japan's largest market for smaller and medium-sized companies. A step below the Tokyo Stock Exchange, it was established and has been in operation since 1963. Jasdaq is now 72% owned and run by the JSDA.
Shinko Securities has not set an IPO share price; instead, it will be determined by supply and demand. This "book building" auction method allows the underwriter to accumulate advance demand orders from its institutional investors, then determine the initial offer price and stock allocations based on that demand. The institutional offer period is scheduled for May 25 through May 31, 2004. Shinko will calculate and announce the IPO price on June 1, 2004.
Founded in 1962, Hephaist Seiko manufactures compact and high-performance linear ball bearings. It was the first to mass-produce high-precision miniature linear ball bearings, and its product line involves units as small as 2mm ID.
Currently, Hephaist manufactures 14 different lines of open, square flange, round flange, inch dimension and metric dimension linear bearings and bushings.
The company basically operates in three market segments, directly related to or spun off from the central core of its bearing manufacturing efforts:
Linear Motion Parts -- involve it line of linear bearings and bushings, splines and roller guides.
Ultra-Precision Processing -- involves ultra-precision grinding and finishing operations performed under contract. Beyond bearings, this business segment is includes secondary manufacturing operations such as producing engine parts for professional auto racing teams.
System Product Development -- includes the company's lineup of bearings, assemblies, and related value-added services. Example include precision stages, manipulators and electronic control devices.
Hephaist Seiko reported approximately ¥2.2 billion (USD $19.5 million) in fiscal 2003 sales, with profits of ¥289 million ($2.6 million).
The company operates two factories in Japan. A newer 24,000 square foot facility in Saitama's Yoshinodai Industrial Compound also serves as the corporate headquarters. In Akita, its other manufacturing plant boasts floorspace totaling over 49,000 square feet.
Hephaist Seiko has supplied most major bearing manufacturers with linear ball bearings. For example, from 1968 through 1984, it was a major supplier to NSK Ltd., and now has a combined business agreement to supply THK Co. Ltd.
For the arts and letters Greek mythology set, Hephaist Seiko got its name from Haphaistos (Hephaestus, or HfaistoV), son of Hera, god of the forge, crafts, and fire. Mentioned repeatedly by Apollodorus, Plato, Hesiod and Homer in the Iliad and Odyssey, he discovered how to work iron, copper, gold, silver and other metals needing forge and fire.
The Hephaestaion near the Acropolis in Athens, built 449 B.C., is the best-preserved Doric style temple in Greece.
(www.ebearing.com)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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