Jolimark, the fourth-largest office printer manufacturer in the mainland, will launch an initial public offering in Hong Kong by the end of the month, according to sources. Chief executive Alan Au Kwok-lun declined to confirm the proposed listing at a press briefing yesterday, but a source familiar with the deal said the offering would be worth about $100 million. 'Jolimark has planned an initial public offering for years,' the source said. 'Management finally thinks the time is right.' Mr Au said Jolimark needed capital to increase production capacity and strengthen its research and development. The company's public offering was likely to start in the week of June 20 and shares should debut on the main board in the last week of this month, the source said. Kingsway Financial is the sponsor. Mr Au's family owns 97.12 per cent of the company, with Legend Holdings - a sister company of Lenovo Group, the country's largest computer maker - holding the remaining 2.88 per cent. Legend bought the stake in April. Jolimark makes printers for Legend on an original equipment manufacturing (OEM) basis. Jolimark has three core businesses: design and manufacture of dot matrix and anti-fraud invoice printers, OEM for international brands, and sales and distribution of foreign-branded business equipment in the mainland. The company's turnover rose 18.7 per cent to 966 million yuan last year. The OEM business contributed 46 per cent of turnover. Profit margin on sales of own-brand equipment was 55.5 per cent and about 16 per cent for the whole company.