China-based manufacturing technology producer Shanghai SK Automation Technology has gone public in a RMB733m ($105m) initial public offering, achieving an exit for automotive manufacturer SAIC Motor, DealStreetAsia reported on Tuesday.
The company floated on Shanghai Stock Exchange’s Star Market on Tuesday, issuing approximately 18.9 million shares priced at RMB38.77 each. Dongxing Securities was lead underwriter for the offering.
SK Automation provided intelligent manufacturing technology for use in the production of cars and other vehicles in addition to automotive components. SAIC is among its customers, as are peers FAW and Geely.
The company made a net profit of about $10m in 2019 from roughly $72m in revenue, according to the IPO prospectus.
SAIC’s corporate venturing unit, SAIC Capital, joined venture capital firm Kinzon Capital to invest an undisclosed amount for SK Automation in January 2019, according to data from business information provider Tianyancha cited by DealStreetAsia.
Investment firm and earlier backer Junsan Capital is SK Automation’s largest investor, and emerged from the offering with a 7.2% stake according to DealStreetAsia. SAIC Capital holds a 3.4% share post-IPO while Kinzon Capital owns a 2.2% stake through two affiliates.
Photo courtesy of Shanghai SK Automation Technology PLC.
