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SINGAPORE: Home-grown retailer Sheng Siong has announced its initial public offering (IPO) was oversubscribed by approximately 1.3 times.
This was based on a total of 351.5 million Invitation Shares and the total valid applications received, amounting to approximately 448.7 million Invitation Shares.
They comprised approximately 85.3 million Offer Shares and 363.4 million Placement Shares.
The supermarket chain said it received strong interest from retail investors and backed by quality institutional investors.
Anchor investors for the IPO include JF Asset Management Limited and Prudential Asset Management (Singapore) Limited.
Sheng Siong is due to start trading on the Singapore Exchange on August 17, despite turbulence in the global market.
It had told MediaCorp it would not be swayed from its IPO plans, no matter how volatile the market has been.
According to Sheng Siong, as at the close of the invitation at 12pm on August 15, 2011, there were 4,490 valid applications received for the 15.0 million Offer Shares made available to the public for subscription at S$0.33 each.
In total, these applicants applied for an aggregate of approximately 85.3 million Offer Shares, with application monies received amounting to approximately S$28.2 million.
The group said it plans to use its net proceeds of approximately S$62.6 million from the IPO to make term loan repayment, develop and expand grocery retailing business and operations in Singapore and overseas, as well as for working capital purposes.
-CNA/wk
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