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  • Southeast Asia

Singapore's PE-backed Home Control files for HK IPO

  • Holden Mann
  • 26 June 2019
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Home Control International, a Singapore-based manufacturer of remote controls for television and smart devices owned by Morgan Stanley Private Equity Asia (MSPEA), has filed for an IPO in Hong Kong.

Home Control was founded in 1992 as a unit of global appliance conglomerate Philips, and acquired by MSPEA in 2015. The company makes a wide range of remote controls under the Omni Remotes brand, using simple infrared communication technology in its low-end devices and more sophisticated protocols such as Bluetooth and Wi-Fi in more advanced models intended to work with smart home systems.

Major customers include TV and set-top box makers such as Xiaomi and Hisense, and telecom companies such as Airtel, BT, and AT&T, according to the prospectus. It holds over 200 patents and employs more than 80 engineers at its research centers in Singapore and Suzhou. In addition, it has regional liaison offices in the US, Belgium, China, Brazil, India, and Taiwan.

The company recorded $174 million in revenue for the 2018 financial year, up from $150 million the year before. Over the same period net profit dropped from $5.3 million to $3.6 million.

The company claims to be the second largest home control solution provider in the world, with a market share of 9.6% in 2018, according to Frost & Sullivan. It sees its strongest opportunity for growth in the subscription broadcast and TV streaming market, particularly in the over-the-top (OTT) equipment category, referring to the delivery of media content directly to consumers through the internet. Revenue in the global OTT market is expected to grow from $68.7 billion in 2018 to $139.6 billion in 2023.

Home Control mainly plans to use proceeds from the IPO for R&D, along with strategic investments and acquisitions of businesses that can benefit its development. It will also expand the global sales force and diversify its supply chain footprint into Southeast Asia, a process started last year partly in response to the trade tensions between the US and China. Financial terms of the offering have not been disclosed.

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