[ad_1]
Mon, September 28, 2020 – 1:12 PM
The long-awaited initial public offering (IPO) of Wilmar International’s Chinese unit Yihai Kerry Arawana (YKA) has successfully raised about 13.93 billion yuan (S $ 2.81 billion) after the close of applications on Sept. 25, the company said on an exchange. presentation.
Wilmar had said on September 24 that the price is expected to rise 13.9 billion yuan, with each YKA share priced at an issue price of 25.7 yuan.
Investors appeared optimistic about YKA’s proposed listing on the ChiNext Board of the Shenzhen Stock Exchange, causing shares in the IPO to be oversubscribed.
IPO shares for offline investors were oversubscribed 600.5 times, raising 5.82 billion yuan. Shares of online retail investors were also subscribed for more than 1,750 times, raising 3.90 billion yuan.
Meanwhile, strategic investors accounted for 4.18 billion yuan. Wilmar had previously said that these investors would constitute 20 state-owned funds, sovereign wealth funds and insurance companies that have been collectively allocated 30 percent of the IPO’s shares. These shares will be subject to a one-year moratorium on transfer, from the first trading date.
The local sovereign wealth fund GIC was among the strategic investors and was allocated 472.5 million yuan. Other strategic investors include Rongze Investment Company with an allocation of 770.9 million yuan and People’s Daily Media and Advertising Company with an allocation of 397.9 million yuan.
Although the proposed listing is scheduled for mid-October this year, Wilmar has again emphasized that “there is no certainty” that the listing will proceed as it is still subject to prevailing market conditions.
Wilmar shares closed the first half of the trading day at S $ 4.41, an increase of S $ 0.01 or 0.2 percent.
[ad_2]
