WORKFORCE solutions and services provider, Advancer Global, is set to debut on Monday as a Catalist-listed counter on the Singapore bourse.

Advancer Global said after trading close on Friday its initial public offering was oversubscribed by about 5.5 times, based an aggregate of 43 million new shares offered and the total valid applications received amounting to over 235 million shares.

The IPO comprises an offer of two million new shares to the public for subscription and a placement of 41 million new shares, comprising 37 million placement shares and four million reserved shares.

At the close of the invitation at 12 noon on July 7, 1,887 valid applications were received for the two million offer shares, with application monies received amounting to about S$43 million.

Havenport Asset Management Pte Ltd, an institutional investor, has subscribed for 8.2 million of Advancer Global's IPO shares, according to a Singapore Exchange (SGX) announcement issued by the newly listed company.

Havenport is an investment management company that focuses exclusively on Asia Pacific ex-Japan equities, according to Bloomberg data.

Gross proceeds of about S$9.46 million were raised from the 43 million new shares issued. Of the net proceeds of about S$7.54 million, Advancer Global plans to use S$6.4 million for expansion of business operations, S$0.3 million for branding and marketing and S$0.84 million for general corporate and working capital.

SAC Capital Pte Ltd is the sponsor, issue manager, underwriter and placement agent for Advancer Global's IPO.

Gary Chin, Advancer Global's chief executive officer and executive director, said: "We are pleased with the strong response to our IPO, which reflects investors' confidence in us. Since we started in early 1990s, we have been on expansion mode. We believe a listing on the Catalist will propel Advancer Global towards the next level of growth."

He added: "We are heartened by the strong vote of confidence from both the retail and institutional investors. The balloting ratio reflects the management's intent to distribute to a wider and diversified group of investors to participate in the future growth of the company."