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Union Gas Holdings launches IPO on Catalist board
BOTTLED gas supplier and compressed natural gas (CNG) provider Union Gas Holdings launched its initial public offering (IPO) on the Catalist board on Thursday.
The firm is offering 60 million shares, comprising 30 million new shares and 30 million vendor shares, at 25 Singapore cents each. Some 58.72 million shares will be placed with institutional investors, while 1.28 million shares will be offered to the public.
The price represents about 6.95 times the group's pro forma earnings per share of 3.60 Singapore cents for the year ended Dec 31, 2016.
Union Gas Holdings comprises Union Energy, which sells bottled liquefied petroleum gas (LPG) cylinders and related accessories to households, and Union Gas, which operates a fuel station selling CNG and diesel.
Application for the subscription and purchase of the shares will close at noon on July 19, and listing and trading of the shares will start at 9 am on July 21.
CIMB Bank (Singapore Branch) is the sponsor and issue manager while CIMB Securities (Singapore) Pte Ltd is the underwriter and placement.