China's GDC Technology plans $75 mln U.S. market debut
HONG KONG May 23 (Reuters) - GDC Technology Ltd, a Chinese digital cinema equipment maker backed by private equity firm Carlyle Group, has applied for a listing on U.S. stock exchange Nasdaq of up to $75 million.
GDC is the second Chinese company to seek a U.S. initial public offering this year, after online retailer LightInTheBox filed for an IPO of $86.3 million on the New York Stock Exchange in April.
Their plans follow a two-year listings lull following a series of highly publicised accounting scandals and fraud allegations. Only 17 Chinese companies joined stock markets in the United States in that time compared with 41 in 2010 alone.
According to its filing, GDC has the largest installed base of digital cinema servers in the Asia Pacific region and had the second-largest globally at March. 31.
The firm posted a 2012 profit of $27.7 million, up 22 percent year on year.
Carlyle owns a majority of the shares in CAG Digital Investment Holdings, which holds 48.8 percent of GDC Technology.
Banks Barclays, Jefferies and Piper Jaffray are leading the GDC transaction.