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Japanese online car dealer to launch listing in Taiwan Jan. 14

Japanese online car dealer to launch listing in Taiwan Jan. 14

Taipei, Dec. 31 (CNA) Auto Server Co. Ltd., a Japanese online used car dealer, is scheduled to launch a primary listing on Taiwan's over-the-counter market on Jan. 14, one of the underwriters Yuanta Securities said Tuesday. The car dealer operates an online platform ASNET that places bids for its members in second-hand car auctions, according to the prospectus it filed with the Taiwan Stock Exchange. Auto Server has more than 40,000 members and processes information on about 8 million used cars per year, the prospectus indicated. Established in 1997, Auto Server is headquartered in Tokyo and all of its revenue is generated in the Japanese market, it said. The dealer is planning to issue 3.18 million new shares in the listing on Taiwan's over-the-counter market. Yuanta Securities said subscription to the new shares will run from Jan. 2-6 before the issue price is finalized. The indicative price is between NT$100 (US$3.33) and NT$110, it said. In the prospectus, Auto Server said it is capitalized at about NT$121.72 million and aims to raise about NT$334 million as working capital, based on a tentatively set issue price of NT$105.00. With the funds raised from the new share sale, the dealer hopes to save about NT$3.09 million a year in interest payments and thus strengthen its bottom line. In addition to Yuanta Securities, MasterLink Securities and Mega Securities will also serve as underwriters of the listing, the prospectus indicated. In the first nine months of this year, Auto Server's net profit was NT$157.46 million or NT$5.50 per share. Last year, the company posted NT$199.57 million in net profit or NT$6.97 in earnings per share. (By Han Ting-ting and Frances Huang)


Updated : 2020-11-30 00:51 GMT+08:00