Reuters: Regulatory News: UPDATE 1-Chinese light-bulb maker TCP International files for U.S. IPO

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UPDATE 1-Chinese light-bulb maker TCP International files for U.S. IPO Mar 26th 2012, 22:00 March 26 | Mon Mar 26, 2012 6:00pm EDT March 26 (Reuters) - Chinese light bulb maker TCP International Holdings Inc filed with U.S. regulators on Monday to raise up to $100 million in an initial public offering of its common stock. The Shanghai-based company, which makes energy-efficient bulbs and sells to Home Depot Inc, Wal-Mart Stores Inc and Homebase Group in the United States, said Jefferies, Citigroup, Piper Jaffray and KeyBanc Capital Markets would underwrite its IPO. Home Depot accounted for 33 percent of the company's sales in 2011, according to TCP's filing with the Securities and Exchange Commission. The filing did not mention the number of shares being sold in the offering, or the exchange the stock would list on. In its section about the risks it faces, TCP said it has "material weaknesses" in its internal controls over financial accounting. Listed Chinese companies have faced a number of problems over accounting issues, and many investors have shunned them in the aftermath of the scandals. Last week, Vipshop, a Chinese online retailer, made a dismal debut on the New York Stock Exchange, making it the first Chinese company to go public since August last year. TCP also makes use of a complicated corporate structure called a 'variable interest entity' or VIE, which lets Chinese companies bend certain rules forbidding foreign investment. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. Link this Share this Digg this Email Reprints

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