Grande Electronics Holdings Ltd, the Singapore manufacturing subsidiary of Hong Kong-based and listed Grande Holdings, is looking to raise $100m from an initial public offer prior to a listing on the Singapore Stock Exchange. Chairman Christopher Ho said the proceeds will be used to fund acquisitions, reduce bank borrowings and for working capital. We are looking at one acquisition in the United States in the near future, possibly before the end of the year or early next year, he said, we are also looking at strong possibilities in Asia.
Grande is engaged in the design and manufacture of computer magnetic heads for hard disk drives and tape drives on an original design manufacturer basis. For the year to December 31, 1998, Grande Electronics reported a net profit of $32m on revenue of $300m, both up about 10% on 1997. Ho said growth of more than 10% is predicted for this year.
