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Union Gas IPO 7.1 times subscribed

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The initial public offering (IPO) of fuel products provider Union Gas was 7.1 times subscribed, with applications (excluding director-related purchases) of 424.3 million shares for the 60 million shares on offer at S$0.25 each.

THE initial public offering (IPO) of fuel products provider Union Gas was 7.1 times subscribed, with applications (excluding director-related purchases) of 424.3 million shares for the 60 million shares on offer at S$0.25 each.

With some 58.72 million shares were placed out, about 1.28 million shares available to the public.

Union Gas will primarily use the S$5.72 million of net proceeds to acquire dealers for the retail LPG (liquefied petroleum gas) business.

The counter trades on the Catalist board on Friday at 9am.

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