Channel NewsAsia

Strong demand for Indonesian-owned Japfa's IPO

Japfa's Singapore public offer is about 9.7 times oversubscribed while the international offer is about 5.1 times oversubscribed.  

SINGAPORE: Indonesian-owned agri-food company Japfa on Thursday (Aug 14) said it has seen strong investor demand for its initial public offering (IPO). In a statement, Japfa said its Singapore public offer is about 9.7 times oversubscribed.

At the close of the offer, there were 3,810 valid applications, for a total of 163.5 million shares. Under the IPO, Japfa offered 248 million shares at S$0.80 each. The offering comprised an international offer of 231.2 million shares and a Singapore public offer of 16.8 million shares.

The international offer is about 5.1 times oversubscribed.

Commenting on the investment community's response, Japfa's Group CEO, Tan Yong Nang, said: "We are delighted with the strong confidence that investors have demonstrated in subscribing to Japfa's growth story. We are optimistic about our prospects and will forge ahead with our strategy of expanding across multiple protein segments in our five high-growth emerging Asian markets."

Japfa shares will begin trading on the SGX mainboard on Friday (Aug 15).