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Taiwan Steel Union sets its initial public offering price

Steel News - Published on Thu, 18 Jan 2018

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Taipei Times reported that Taiwan Steel Union Co Ltd which manufactures and sells zinc oxide, said in a filing that it has set its initial public offering price at NTD 86 per share. That would give the company a valuation of NTD 974 million (USD 32.96 million) when it makes its debut on the main board by the end of this month, given its issuance of nearly 11.33 million new shares.

The Taiwan Stock Exchange said in a statement that the company has issued 7.7 million shares by auction and 1.93 million shares by public offering.

The IPO shares by auction were successfully traded yesterday, with the highest winning bid of NTD 119.6 per share, the TWSE said, adding that the subscription period for the public is to start tomorrow and run through Monday next week.

Taiwan Steel Union, a joint venture founded in 1995 by the nation’s 12 steelmakers, collects valuable zinc in electric arc furnace dust generated by steel manufacturing processes.

Tung Ho Steel Enterprise Corp is the biggest stakeholder in Taiwan Steel Union with a 24.84% share, while Feng Hsin Steel Co ranks second with a 22.01% stake.

Asia’s largest EAF dust recycling company, Changhua County-based Taiwan Steel Union is capable of processing 198,900 tonnes of EAF dust per year through its two sets of equipment.

In the first three quarters of last year, Taiwan Steel Union’s net profit jumped 59.5% year on year from NTD 301.63 million to NTD 481.2 million, with earnings per share rising to NTD 4.81, compared with NTD 3.02 a year earlier, company data showed.

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Posted By : Nanda Koijam on Thu, 18 Jan 2018
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