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Hyflux raises offer size of perpetual securities to S$500m on strong demand
STRONG support for the retail offering of Hyflux's 6 per cent perpetual securities has caused the firm to increase the total issue size from S$300 million to S$500 million.
The public offer and the placement to institutional and other investors had opened for subscription at 9am on May 18. The placement was subscribed more than four times its original size of S$50 million, leading the firm to re-allocate S$115 million from the public offer to the placement.
Similarly, the public offer received about S$368 million worth of valid applications, more than three times the leftover amount of S$115 million. The firm therefore increased the public offer issue size to S$329 million, including the re-allocation of about S$14 million from the reserve offer allocated for directors, management and employees of the Hyflux group.
All in, the total size of S$500 million comprises S$329 million under the public offer, S$165 million under the placement and S$6 million under the reserve offer.
Said its executive chairman and group CEO Olivia Lum: "We would like to thank investors for the enthusiastic subscription for the offer, and thereby believing and participating in our growth as we continue to execute our strategies and strengthen our global leadership position in providing sustainable solutions in the areas of water and energy."
DBS is the sole lead manager and bookrunner.