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CDC's software arm set for IPO
By Zhu Shenshen |
May 6, 2009, Wednesday
|
Print Edition
Print Edition
HONG Kong-listed CDC Corp plans to issue an initial public offering of its software subsidiary to raise about US$80 million, the Hong Kong-based Internet and software firm said yesterday.
The subsidiary, CDC Software Corp, which develops and distributes business software, will be listed on a United States market and the firm has submitted a registration statement to the US Securities and Exchange Commission for an IPO.
The stock offer will allow CDC Software to expand sales channels, fund research and pursue potential acquisitions, the company said in a statement.
"It allows CDC Software to more clearly differentiate its line of business from CDC Corporation and provide a more targeted investment vehicle for investors seeking to invest only in the enterprise software portion of CDC Corp's diverse businesses," the company said.
The date of the IPO and the potential share price were not available.
Shares of CDC on the Hong Kong stock market rose 2.01 percent to HK$3.55 (46 US cents) yesterday, compared with a 0.33 percent increase of the Heng Seng Index.
CDC Software's revenue was about US$300 million in 2006. It has about 6,000 clients in industries such as manufacturing and services, and currently employs around 1,700 staff.
The subsidiary, CDC Software Corp, which develops and distributes business software, will be listed on a United States market and the firm has submitted a registration statement to the US Securities and Exchange Commission for an IPO.
The stock offer will allow CDC Software to expand sales channels, fund research and pursue potential acquisitions, the company said in a statement.
"It allows CDC Software to more clearly differentiate its line of business from CDC Corporation and provide a more targeted investment vehicle for investors seeking to invest only in the enterprise software portion of CDC Corp's diverse businesses," the company said.
The date of the IPO and the potential share price were not available.
Shares of CDC on the Hong Kong stock market rose 2.01 percent to HK$3.55 (46 US cents) yesterday, compared with a 0.33 percent increase of the Heng Seng Index.
CDC Software's revenue was about US$300 million in 2006. It has about 6,000 clients in industries such as manufacturing and services, and currently employs around 1,700 staff.
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