Singapore’s PE-backed Home Control files for HK IPO
Wednesday, June 26, 2019
(AVCJ by Holden Mann) – Home Control International, a Singapore-based manufacturer of remote controls for television and smart devices owned by Morgan Stanley Private Equity Asia (MSPEA), has filed for an IPO in Hong Kong.
Home COntrol was founded in 1992 as a unit of global appliance conglomerate Philips, and acquired by MSPEA in 2015. The company makes a wide range of remote controls under the Omni Remotes brand, using simple infrared communication technology in its low-end devices and more sophisticated protocols such as Bluetooth and Wi-Fi in more advanced models intended to work with smart home systems.
Major customers include TV and set-top box makers such as Xiaomi and Hisense, and telecom companies such as Airtel, BT, and AT&T, according to the prospectus. It holds over 200 patents and employs more than 80 engineers at its research centers in Singapore and Suzhou. In addition, it has regional liaison offices in the US, Belgium, China, Brazil, India and Taiwan.
