China's Shigo soars on Frankfurt exchange debut
Wednesday, May 6
FRANKFURT,May 6 - Shares in Chinese textile company Shigo Asia surged 31 percenton its first day of trading on Tuesday, though it had postponed issuingnew shares due to difficult market conditions.
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Sharesin Shigo Asia, which says it is the world's third-largest maker ofbedspreads, hit a high of 5.45 euros in Frankfurt, having started at4.15 euros, and were at 5 euros by 1428 GMT.
Shigo listed 3million shares from existing shareholders on Deutsche Boerse's EntryStandard segment, giving it a free float of 14 percent.
"When westarted to get ready for the listing, market conditions were so badthat we didn't want to start with a capital increase," Shigo boardmember Lukas Lenz said.
He added that the company, which isaiming to become the world's No. 1 in its business, had wanted to listas quickly as possible.
China's Zhejiang Truelove Textile and Universe Group currently rank first and second.
Depending on market conditions, Shigo is looking to proceed with a capital increase by the end of the third quarter, Lenz said.
"We're aiming to raise about 5 million euros in a private placement," he said.
Thiswould be about a quarter of the company's market capitalisation afterthe capital hike, as its current market value is about 15 million euros.
Shigoplans to use the proceeds to build three further production plants inChina in addition to its existing seven sites to raise productioncapacity to 7 million bedspreads a year in 2009 from 3.9 million lastyear.
Shigo made about 90 percent of sales outside China in2007, with about 25 percent in Europe, which was one of the reasons itdecided to list its shares in Frankfurt, the company said.
"ShigoAsia's stock market listing in Germany gives us access to Europeaninvestors," Cao Guifa, a member of the Shigo management board, said ina statement.
Shigo reported earnings before interest and tax of4.4 million euros in 2007 on sales of 22.8 million. This led to apro-forma net profit of 3.2 million euros.
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