- POSTED: 10 Jul 2014 17:55
- UPDATED: 10 Jul 2014 21:03
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.