Xyec (IPO)

Upcoming IPO: Xyec (pronounced “zeek”) plans to raise a couple of million dollars in an IPO and start trading on Spore’s Catalist board on 18 Sep. The Tokyo-based company provides engineering and IT services such as software devt to mnftrs including a unit of Toyota Motor Corp. It chose to list in Singapore over Japan, because of SE Asia’s growth potential compared with declining demand and shrinking population at home. In doing so, it will be the first Japanese company to have the primary exchange for trading of its shares in Singapore. Xyec targets total sales growth of >50% to ¥10b in the next 2 yrs, with 10% of that total to come from SE Asia. It wants to make Spore the base of its Asean expansion. It is targeting Japanese companies that have expanded in the region, including Vietnam, Myanmar and Thailand, and is seeking to recruit staff in the Philippines, Vietnam and Myanmar. While the co has focused on providing services to the mnftg industry, it’s now seeking to expand into finance as well.