Array

TAIPEI, May 20 (Reuters) Innolux, part of Taiwan's top electronics gear maker Hon Hai Precision Industry, has won a preliminary approval from the Taiwan Stock Exchange (TSE) to launch its initial public offering, the Commercial Times reported on Saturday.

Innolux, a smaller flat panel rival of AU Optronics and Chi Mei Optoelectronics, tentatively set its share price at T$40 ($1.25) each, the paper said, based on the estimate from its underwriter Fubon Securities.

TSE will give a final go-ahead after Innolux discloses how much Hon Hai owns in Innolux, and whether the two have separate financial operations, the paper added.

The stock sale could begin as early as the third quarter, it said.

(US$1=T$31.9) REUTERS PV HT1238