Linfair Holdings is braving the current weak market sentiment and going ahead with an initial public offering to raise up to $79.5 million ahead of its June 10 listing. The Taiwan-based provider of audio-visual and optoelectronics systems and services is offering to sell 75 million shares at 88 cents to $1.06 each, with 10 per cent earmarked for retail investors, according to its listing prospectus. The indicative price range equals a fully diluted price-earnings ratio of 5.2 to 6.3 times. In the previous year to March, the company reported a 64.8 per cent rise in net profit to $34.15 million on a 77.7 per cent revenue increase to $640.19 million. The improvement is likely to have continued in the past financial year based on its performance in the first eight months, when it generated a net profit of $32.98 million. If successful, Linfair will be only the 11th company to list on Hong Kong's main board this year, as several issuers have chosen not to rush to the market in the hope that conditions will improve. Earlier this week, hair care product maker Kenford Group Holdings called off its $85 million float despite having already completed the retail offer. It cited a change in investor sentiment after the adjustments to the Hong Kong dollar peg. Meanwhile, China Special Steel lost 11.5 per cent when it started trading on Thursday, reaping back just 0.76 per cent yesterday. About 44 per cent of Linfair's listing proceeds will go towards forming business alliances with upstream equipment suppliers or technical institutions, while 26 per cent will be used to repay a revolving term loan, the sales document showed. The rest will be used mainly for the acquisition of a new office, the expansion of existing subsidiaries in the mainland and overseas, and to buy new equipment and machinery. The institutional road show started on Thursday and the retail offer will open from Friday.