Aspen's IPO 7.8 times subscribed

ASPEN (Group) Holdings, a Malaysia-based property developer, on Thursday announced that its initial public offering of new shares was 7.8 times subscribed.

Some 173 million new shares were offered at S$0.23 apiece. Its placement of about 169 million shares to investors were fully subscribed, with application monies received amounting to about S$38.85 million. There were 508 valid applications for the 4,348,000 offer shares available to the public.

Based on the issue price of S$0.23 per share, Aspen is expected to raise gross proceeds of about S$39.85 million, S$25 million of which will be used for acquisition of land banks and future developments, S$2 million for repayment of bank borrowings from CIMB Islamic Bank Berhad and S$9.72 million for working capital requirements.

Trading of Aspen's shares on Singapore Exchange's Catalist board will commence at 9am on Friday.