China-based light bulb maker TCP International files for a $100 million US IPO

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TCP International Holdings, the leading provider of compact fluorescent lamps in the US, filed on Monday with the SEC to raise up to $100 million in an initial public offering. The Shanghai, China-based company manufactures 3,500 varieties of CFLs, 275 varieties of LEDs and 12 varieties of halogen bulbs. Its CFLs have received Consumer Reports's top rating for the past four years, and it is the top energy efficient bulb supplier to The Home Depot.

TCP International saw sales decrease 2% to $281 million in 2011. Gross margin was down 120 bps to 23%, and operating income declined 31% to $19 million. Home Depot accounted for 33% of 2011 sales.

Brothers Ellis ( CEO ) and Solomon (President) Yan formed TCP US in 1993 and together own 95% of shares prior to the offering. Jefferies, Citi and Piper Jaffray are the joint bookrunners on the deal. Ticker and exchange information was not announced.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




This article appears in: Investing , IPOs

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