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Thursday, December 03, 2020-9: 35 am
UPDATED Thu, Dec 03, 2020 – 9:06 pm
CREDIT Bureau Asia (CBA) began its trading debut at S $ 1.15 on the Singapore Stock Exchange (SGX) motherboard on Thursday, 23.7% or S $ 0.22 above its initial public offering price. (IPO) of S $ 0.93 per share (see amendment note).
The credit and risk reporting solutions provider was among the most active accountants on early trades. At 9:09 a.m. M., The counter was trading 0.87 percent or up from S $ 0.01 to S $ 1.16, with some 3.7 million shares changing hands.
The company announced late Wednesday that its public offering of 1.5 million shares had been subscribed 60.8 times, with “strong interest” in its 28.5 million placement shares from institutional and other investors. .
Separately, key investors Aberdeen Standard Investments (Asia), Affin Hwang Asset Management, Eastspring Investments (Singapore) and Tokyo Shoko Research had subscribed a total of 28 million new shares, representing a 12.2% stake in the company upon completion of the offer. and the issuance of fundamental shares.
With a total of 230.39 million shares issued, based on the IPO price, CBA’s market capitalization is approximately S $ 214.3 million.
The net income that the company has raised amounts to S $ 23.6 million, of which it intends to use S $ 11.8 million for strategic investments, regional expansion and acquisitions.
Another S $ 7.1 million will be used for organic growth initiatives such as product development and business development, while the remainder will be allocated for general corporate and working capital purposes.
Amendment note: An initial version of this article indicated that the opening price of the company was S $ 1.13, when it should be S $ 1.15. The article has been modified to reflect this change.
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