I-TEK Optoelectronics, a professional supplier of advanced industrial imaging, high precision optics, and optoelectrical equipment based in China, was approved by the Shanghai Stock Exchange on Wednesday for an IPO on its Sci-Tech Innovation Board (STAR Market), with the support of sponsor institution China Merchants Securities.
The company plans to issue no more than 17 million new shares in public (excluding the over-allotment option) and plans to raise about 1.12 billion yuan ($167.25 million) to invest in three projects including the I-TEK Optoelectronic headquarters-based industrial imaging core component project, a machine vision R&D center project and to supplement working capital.
As a provider of core components of high-end manufacturing equipment, the company specializes in the design, R&D, production and sales of industrial machine vision imaging components. The firm’s main products include industrial cameras and image acquisition cards as the core components of industrial machine vision.
According to the company’s prospectus, its headquarters-based industrial imaging core component project is expected to have a total investment of 764 million yuan ($114.09 million) and a construction period of 24 months. After the completion of the project, the new production capacity of 60,000 sets of industrial line scanning cameras, 50,000 sets of industrial area scanning cameras and 60,000 sets of image acquisition cards can be added to meet the needs of the company’s future development.
The machine vision R&D center project has a total investment of 156 million yuan ($23.3 million) and a construction period of 24 months. The construction of the project includes a high-level R&D center and a machine vision component inspection and testing laboratory with advanced equipment and complete functions, purchasing R&D and experimental equipment related to imaging, optics, sports and environment. It also includes the introduction of high-level talent for research, software and hardware development as well as for experimental testing.
Combined with the development situation of the company’s industry, its own business development plan, operating characteristics and financial situation, the company plans to use 200 million yuan ($29.87 million) of the raised funds to supplement working capital.
The prospectus shows that it is mainly engaged in R&D, development, design, production and sales of industrial machine vision imaging components, and its main products include industrial cameras and image acquisition cards. From 2019 to 2021, the company’s operating income was 33.61 million yuan ($5.02 million), 68.56 million yuan ($10.24 million) and 164.48 million yuan ($24.56 million) respectively, and the non-returned net profit was 3.87 million yuan ($0.58 million), 6.18 million yuan ($0.92 million) and 38.99 million yuan ($5.82 million) respectively.