SINGAPORE--PCA Technology, which manufactures Nomad Jukebox digital music player, has won approval to be listed on the mainboard of the Singapore Exchange.
The 11-year-old electronics contract manufacturer intends to list "very soon," and will use the proceeds from the initial public offering (IPO) for expansion.
"A listing on the SGX will enhance our image and profile so that we can increase our customer base and be stronger to ride out the waves in this industry," PCA founder and chief executive Ng Yiak Say told The Straits Times.
PCS's three main customers are Hewlett-Packard, InnoMedia and Creative, which took a 12.8 percent stake in the company last year.
PCS also does printed circuit board assembly, box-build assembly and after sales service. It chalked up S$151 million (US$83.8 million) in revenues last year.
Despite the poor economic climate, the company believes an IPO will help it double its capacity. It has earmarked 70 percent of the money raised from the listing for expansion, and has plans to increase its 70,000 square-foot Johor facility by another 220,000 square feet. It has two more plants, in Singapore and Malacca.
PCA deputy chief executive Hobson Ng said he expected the company to at least hit 30 percent annual growth, which is the industry average.