IPO News | Fourier, a supplier of power amplifier audio chips and haptic feedback chips, has launched its IPO subscription, with plans to list on March 31. The minimum subscription amount is HKD 5,050.43.

Futu News, March 23rd report,$FOURSEMI (03625.HK)$Announcement: The IPO subscription period is from March 23 to March 26. The company plans to offer approximately 12 million shares globally and is expected to be listed on March 31.

Company Overview

The company is a Chinese supplier of power amplifier audio chips and haptic feedback chips. Operating under a fabless business model, the company focuses on designing low-power audio chips, medium-to-high power audio chips, and haptic feedback chips, providing extensive solutions for emerging application scenarios. Its product portfolio empowers various industries, including consumer electronics and smart vehicles. The company initially launched power amplifier audio chip products for portable consumer electronics, utilizing proprietary algorithms to optimize audio, create sound effects, and protect speakers.

Once deployed, the company's power amplifier audio chip products receive electrical signal input, analyze and preprocess by filtering noise and enhancing received signals, then process the signals through methods such as amplifying electrical power and tuning audio signals based on the scenario. The processed signals are converted to encode speaker driver unit motion while enabling speaker protection technology. This allows users' devices to output high-quality audio, reduce power consumption, and protect speakers, ensuring long-term device durability.

Financial Overview

In 2022, 2023, and 2024, as well as the ten months ended October 31, 2024, and October 31, 2025, the company’s revenue was RMB 130.3 million, RMB 150.3 million, RMB 355.2 million, RMB 288.8 million, and RMB 280.8 million, respectively. In 2022, the company recorded a gross profit of RMB 9.5 million; in 2024, it recorded a gross profit of RMB 46.6 million; for the ten months ended October 31, 2024, it recorded a gross profit of RMB 38.8 million; and for the ten months ended October 31, 2025, it recorded a gross profit of RMB 56.1 million.

Use of Proceeds

In terms of use of proceeds, Fourier expects to receive net proceeds of approximately HKD 480 million from the global offering (assuming the over-allotment option is not exercised, based on the mid-point offer price of HKD 45). According to the prospectus, Fourier intends to allocate the proceeds from the global offering for the following purposes in the amounts set forth below:

Approximately 46.8% will be used over the next five years to establish a new research and development center to enhance our R&D capabilities and technological competitiveness in amplifier audio chips. Approximately 17.8% will be used to purchase automatic testing equipment and build an internal automated testing validation line, as well as to hire supply chain management engineers. About 8.1% will be allocated to marketing and sales of products. Approximately 10.0% will be used as working capital and for other general corporate purposes.