Hantech (7856) will start its public subscription on Sept. 10, with a tentative underwriting price of NT$2,250 per share, according to ABMedia. The report says that price would be the highest IPO underwriting price ever recorded in Taiwan’s stock market. Using the company’s same-day market price of NT$4,700 cited in the article, one winning lot would carry a paper gain of about NT$2.449 million, or roughly 109%.
Company background and business lines
ABMedia said Hantech, formally Hanmin Test Systems, belongs to Hanmin Group, described in the report as Taiwan’s largest domestic semiconductor equipment group. The company began by acting as an agent for major international semiconductor equipment makers, including ASML of the Netherlands and Tokyo Electron (TEL) of Japan, then expanded into R&D for high-end front-end semiconductor equipment covering electron beam, ion beam and neutron beam technologies.
Its main focus is semiconductor testing. The article lists three core businesses: probe cards and cleaning materials, testing equipment engineering services, and semiconductor equipment and customized products. Among them, the customized product segment has posted the strongest growth in recent years and now accounts for more than half of total revenue. The report says the company has mass-produced more than 20 items, including thermal management modules, white-light interferometric optical inspection systems, thermal load testing systems, and wafer carriers.
General manager Wang Zijian said the next stage of expansion will focus on three areas: system-level testing, or SLT, for high-speed memory, reflow equipment for advanced packaging, and silicon photonics testing.
Revenue and profit figures in the report
The article links Hantech’s recent growth to demand for advanced chip testing tied to AI and high-performance computing, or HPC. Revenue rose from NT$809 million in 2023 to NT$1.598 billion in 2024, then to NT$2.425 billion in 2025.
For 2026, the source says first-half consolidated revenue reached NT$2.185 billion, up 114.5% year over year. Revenue for the first seven months totaled NT$2.668 billion, up 128.18%, already above full-year 2025 revenue.
Profit growth was faster than revenue growth. Net profit after tax in the first half of 2026 came to NT$584 million, up 389.36%, while earnings per share were NT$21.5. Gross margin rose to 54.88% from 46.05% a year earlier, and operating margin climbed from 13.2% to 33.59%.
IPO timetable and offering details
ABMedia said Hantech has passed OTC listing review and plans to list in late September as part of a pre-listing cash capital increase and public underwriting process. The tentative underwriting price of NT$2,250 would surpass the previous NT$1,495 record set by Hongjin (7769) late last year.
The transaction includes 4,192 lots for competitive auction and 1,048 lots for public subscription. The timetable listed in the report is as follows:
- Competitive auction bidding: Sept. 7 to Sept. 9, with a maximum of 524 lots per bidder and a floor price of NT$1,800
- Auction opening: Sept. 11
- Public subscription: Sept. 10 to Sept. 14
- Public subscription payment deduction: Sept. 15
- Employee share subscription payment: Sept. 15 to Sept. 16
- Competitive auction payment deduction: Sept. 16
- Public subscription draw: Sept. 16
- Specific subscriber payment: Sept. 17 to Sept. 18
- Expected listing date: Sept. 22
Paper gain versus cash needed to participate
Based on the NT$4,700 same-day share price cited by the source, the gap against the tentative underwriting price is NT$2,450 per share. On a per-lot basis, that translates into a paper spread of about NT$2.449 million, with a return of about 109%. The article says the market has joked that winning one lot means making one lot on paper right away.
Still, the entry ticket is expensive. Investors need to prepare NT$2.25 million in subscription funds, plus a NT$20 handling fee and NT$50 postage fee.
Three risks highlighted in the report
The source also warns readers not to rely on the headline spread alone.
First is price volatility. ABMedia notes that the emerging market is far less liquid than the listed and OTC markets, and Hantech’s recent share price has swung between NT$4,750 and NT$5,095. The gap between the intraday high and low can reach several hundred Taiwan dollars. Between the draw date and the listing date, the stock can still move sharply because of market sentiment or external factors, which could affect actual profit.
Second is uncertainty around the winning rate. Only 1,048 lots are being offered through public subscription. With strong market attention, the number of applicants could be high, leaving the winning rate low. The report also says the NT$2.25 million in funds will be frozen from the subscription date until the draw date or payment deduction date, so investors need to weigh the opportunity cost.
Third is post-listing price action. The article says a high underwriting price does not guarantee continued gains after listing. Newly listed shares often see early enthusiasm cool off, and the price can fall back quickly. Investors, the report says, should base their decision on the company’s fundamentals rather than only the gap between the underwriting price and the market price.