Carlyle-Backed GDC Technology Said to Prepare $100 Million IPO

GDC Technology Ltd., the Chinese maker of digital-cinema equipment backed by Carlyle Group LP, plans to seek about $100 million in a U.S. initial public offering, two people with knowledge of the matter said.

The company, based in Hong Kong, may file an application for the IPO in the next few months, said the people, asking not to be identified because the information is private. Carlyle led a group of investors including Yunfeng Capital in buying an 80 percent stake in GDC Technology in 2011, according to a statement on the buyout firm’s website.

An IPO of $100 million would be the biggest in the U.S. by a company based in Hong Kong or mainland China since late 2011, data compiled by Bloomberg show. Chinese IPOs in the world’s largest economy dried up in the past two years amid allegations of accounting fraud and poor corporate governance at companies.

GDC Technology designs projection systems, theater management systems and encoders for digital cinemas, according to its website.

Barclays Plc and Jefferies Group LLC will manage the IPO, the people said. Connie Wong, a spokeswoman for GDC Technology, could not immediately comment on the IPO plan when contacted by telephone today.

Hong Kong billionaire Li Ka-shing, who held a 32.5 percent interest in GDC Technology in 2007, sold his stake to the Carlyle-led group in 2011, according to filings to the Hong Kong stock exchange. Li, Asia’s richest man, also made personal investments in high-profile technology companies including Facebook Inc., Spotify Ltd. and Siri Inc.

Yunfeng Capital was created in 2010 by Chinese entrepreneurs including Jack Ma, founder of Alibaba Group Holding Ltd.

LightInTheBox Holding Ltd., a Beijing-based online retailer, applied for an initial public offering on the New York Stock Exchange on April 17, aiming to raise $86 million.

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