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Wed, 02 Dec 2020 – 6:56 PM
CREDIT Bureau Asia (CBA) received requests from retail investors for 60.8 times the number of shares available in the public portion of its initial public offering (IPO), it announced on Wednesday.
With 1.5 million shares available to the public for subscription, it received more than 4,000 valid applications for about 91.3 million shares, and the application money received amounted to S $ 84.9 million.
In addition, the credit and risk information solutions provider also attracted “great interest” for its 28.5 million placement shares from institutional and other investors; Lion Global Investors, Affin Hwang Asset Management, Albizia Capital and New Silk Road Investment had subscribed and purchased five percent or more of the offering shares.
With a total of 230.39 million shares issued, the market value of the company at the IPO price of S $ 0.93 per share will be approximately S $ 214.3 million.
On closing the IPO, Kevin Koo, CBA Founder and CEO, said: “Institutional and retail investors alike have demonstrated their confidence in our company and their appreciation for our resilient and cash-generating business model and growth plans. .
“With your support, we will do our best to take CBA to new heights and generate sustainable returns for our shareholders.”
Separately, fundamental 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 after completion of the offer. and the issuance of fundamental shares.
The estimated net proceeds to CBA from the fundamental share offering and issuance, after deducting the underwriting fees and estimated offering-related expenses payable by the company and suppliers, but excluding any discretionary incentive fees, is approximately S $ 23.6 million.
Stock trading is expected to begin at 9 am Thursday.
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