Post Reply
1661-1663 of 1663
Singapore, 23 May 2013 – Soilbuild Construction Group Ltd. (SBCG) today announced that its IPO of 168 million new shares has attracted strong interest from investors. Excluding the parties specified under Rule 232 and Rule 240 of the SGX-ST Listing Manual, the IPO was 7.5 times subscribed and attracted application monies of $315.6 million from the total valid applications of 1,262,220,000 New Shares.
The IPO shares were priced at $0.25 each and resulted in gross proceeds of $42.0 million. The invitation was for 2 million Offer Shares by way of public offer, as well as 166 million Placement shares.
At the close of the IPO at 12 noon on 22 May 2013, 10,960 valid applications were received for the 2 million Offer Shares made available to the public for subscription. In total, these applicants applied for 1,098,040,000 Offer Shares with application monies totalling $274.5 million.
Trading of the Company’s Shares is expected to commence on a “ready” basis on the Main Board of the SGX-ST at 9.00 a.m. on 27 May 2013.
Of the estimated net proceeds of $39.5 million, SBCG intends to use up to $10.0 million in investments in productivity improvements, up to $5.0 million in the expansion of its construction business to certain countries in Asia and $24.5 million on working capital purposes. In the event any of the proceeds intended for investments in productivity improvements and expansion of the construction business to certain countries in Asia is not utilised for such purposes, the unutilised amount will be re-allocated for working capital purposes.
The Board of Directors of SBCG intends to recommend an annual dividend for FY2013 of at least 25 percent of the Group’s net profit after tax from the listing date until 31 December 2013 and for FY2014 of at least 25 percent of the Group’s net profit after tax.
Bro, how many you got from the ipo?
Fly Fly Fly!!!