SINGAPORE: Canned fruit and vegetable manufacturer Sino Grandness Food Industry on Friday said its initial public offering was 2.7 times subscribed.

It said the IPO was well received by both international and domestic institutional investors as well as local retail investors.

The offering attracted institutional investors such as Emirates Tarian Asset Management and high net worth investors such as Teo Kok Woon of Cockpit International.

The company is offering 85.5 million shares at 29 cents each.

The China-based firm manufactures and supplies canned fruits and vegetables mainly for the export market.

It planned to use the net proceeds to expand production and storage capacities as well as its sales and distribution network.

Trading of Sino Grandness' shares on the Singapore Exchange Mainboard is expected to start on Monday.

Collins Stewart and UOB Kay Hian are the joint underwriter and placement agent for the IPO. - 938LIVE/vm