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 Management team and board directors of TICP at TICP's IPO Press Conference held on December 13, 2005 in Taipei, Taiwan.
San Francisco/Taipei (December 16, 2005) - Walden International is pleased to announce the successful initial public offering of one of its portfolio companies, Taiwan IC Packaging Corporation (“TICP”). TICP shares began trading on December 16, 2005 on the TAISDAQ. A total of 11.8 million shares were offered at NT$12.50 (US$0.37) per share to the public and underwriters, raising approximately NT$147 million (US$4.4 million) for existing shareholders. SinoPac Securities underwrote the public offering. TICP stock price closed at NT$16.90 (US$0.50) per share on December 16, 2005.
TICP, founded in July 1998, is an IC packaging company with headquarters in Kaohsiung, Taiwan and sales offices in Japan and Hsinchu, Taiwan. The Company specializes in traditional lead frame packages (77% of revenue), such as SOP, SSOP, TSOP and QFP, as well as QFN and CSP packages for micro ICs (10% of revenue) and LCC packages for CMOS image sensor products (10% of revenue). Major customers of TICP include O2 Micro and a number of Taiwanese IC design companies, including Elite Semiconductor, PixArt Imaging, and Princeton Technology. World-renowned companies such as Panasonic and Renesas are also customers of TICP. TICP currently owns 29 patents and has received ISO14001, QS9000, and QS9002 certifications. The Company has 800 employees at present.
TICP’s performance has shown remarkable improvement since monthly break-even was achieved in 2002, for which TICP recorded revenue of NT$879 million (US$26 million) and a net loss of NT$59 million (US$2 million). In fiscal year 2004, TICP achieved a net profit after tax of NT$164 million (US$5 million) on a revenue of NT$1.7 billion (US$51 million), a 19% growth in net profit and a 24% growth in revenue compared to that of fiscal year 2003. For the eleven-month period ended November 30, 2005, TICP achieved a net profit before tax of NT$248 million (US$7 million) on a revenue of NT$2 billion (US$60 million), representing an EPS of NT$1.62 (US$0.05). The traditional lead frame packaging business of TICP has been stable with a production capacity utilization rate of approximately 100%. In addition, TICP has successfully begun penetrating the market of advanced packages in recent years, and it will continue to cultivate this market by introducing the LGA package and packages for the MMC memory card, RFID and CMOS module in the future.
Walden International is a seed and the largest institutional investor of TICP. At present, Walden International holds approximately 34 million shares in TICP, approximately 22.62% of the Company’s outstanding shares.
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