While some fund managers are cool towards 3Cems Corp's $262.72 million share offering, existing shareholders take a contrarian view of the main-board listing. Market sources said shareholders, including Taiwan-based parent First International Computer and seven other institutional investors, will not sell down their interests in the printed circuit-board maker and assembler at the initial public offering this month. 'All the shares offered will be newly issued,' one source said. First International owns 40 per cent of 3Cems and the rest is held by institutional investors and employees. 3Cems is offering 116.25 million shares at an indicative price range of $1.68 to $2.26 each, according to fund managers. Subscriptions for retail investors will kick off on Tuesday and end on Friday. The shares are expected to start trading on January 28. The company estimates its net profit last year to be more than US$10 million but it does not provide forecasts for revenue and net profit margin, according to the market sources. In 2003, the company's net profit margin was 3.4 per cent and it paid a dividend of US$5 million to shareholders. The company hopes to improve profitability by producing high-density integrated and multi-layer circuit boards which will warrant a higher margin.