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First Sponsor Group launches IPO

First Sponsor Group has launched its initial public offering (IPO) for a mainboard listing on the Singapore Exchange (SGX).

SINGAPORE: First Sponsor Group has launched its initial public offering (IPO) for a mainboard listing on the Singapore Exchange (SGX).

The property group plans to offer some 34 million shares at S$1.50 each -- to raise almost S$60 million in net proceeds.

About 30 million shares will be placed out, and an additional 3.8 million shares will be set aside for the public.

First Sponsor Group is a property developer in China, and it also provides property financing services with a focus in Shanghai.

It is embarking on its next phase of growth, targeting the mass market segment in China's tier-two cities, Chengdu and Dongguan.

First Sponsor Group plans to use the proceeds to fund its future property development projects and acquisition of properties.

It is estimated to have a market capitalisation of approximately S$884.7 million when listed.

Trading of First Sponsor Group's shares is expected to commence on July 22.

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