Two small to medium-sized companies are to launch initial public offerings in early October in a bid to raise about $255 million between them, sources say. Honko International Holdings, which manufactures and distributes electronics components, plans to raise $55 million after expenses. The second listing candidate, Pegasus Group, which makes Nike sports shoes under licence, is hoping to raise $200 million before expenses, the sources said. Shares in Pegasus, which generated net profits of $65 million from turnover of $600 million during the year to December, may be priced at $1.10, putting them on a historic multiple of between six and seven times earnings. The sources added that Honko - which manufactures diodes and transistors - is hoping to sell 67 million shares on October 1 for between 98 cents and $1.01 each. One warrant will be attached to every five new shares putting them on a historic multiple of between 6.1 and 6.3 times. The market is currently trading on a historic price-earnings multiple of about 14.7 times. Some analysts said enthusiasm for the Honko offering may be dampened as there was no profit forecast contained for the 1996-1997 financial year in the listing prospectus, a fact they described as 'unattractive'. Honko saw net profits for the year to March rise 29.1 per cent to $43.06 million from $33.35 million the previous year. Last year's sales climbed 51.5 per cent to $807.56 million from $533.02 million. Of the net proceeds, $14 million will be used for the purchase of transistor-making machines for two of its main contractors - German-listed Deutsche ITT Industries and US-listed National Semiconductor International.