JF Holdings, a household products maker, plans to raise about $40 million through a listing on the Growth Enterprise Market, with the retail offer opening later this month. Sources said JF planned to sell 42 million shares based on a mid-offer price of 88 cents, which would raise $36.9 million. The company will start trading in the week of September 26. Deloitte has been named as the listing sponsor. Both JF and Deloitte declined to comment yesterday. JF's key products are kitchenware products, with home furnishing giant Ikea accounting for more than 80 per cent of its turnover. JF had started its roadshow in Hong Kong and Singapore and had received a good response so far, sources said. But one fund manager who had attended said: 'We are cautious about the heavy reliance on Ikea, and JF's management said it would keep broadening its client base.' He added that the company aimed to sell its shares at between four and six times its price-earnings ratio. In the first six months of the year, JF posted a net profit of $12 million. Last year the company's net profit was $18 million, after $13 million in 2003, representing 38.4 per cent growth.