Spectratek Files for $25-Million IPO

Spectratek Technologies Inc., maker of holographic films used in packaging and decorative products, filed for a $25-million initial public offering. The Los Angeles-based company didn’t reveal the number or price of shares or how much of the company is for sale, although the filing said the firm’s top four executives will hold majority control. The company plans to use $350,000 of the stock proceeds to repay its outstanding credit-line debt. The rest of the funds will be used for equipment and facilities; expansion of marketing and packaging capabilities; and possible acquisitions, the filing said. Spectratek reported net income of $904,000 in the first half of this year, 41.5% more than in the year-ago period. Meanwhile, revenue grew 39.8%, to $7.62 million, from $5.45 million, in the year-ago period. Spectratek applied to list the shares on Nasdaq under the symbol SPTK.