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MALAYSIA-BASED Shopper360 Limited on Wednesday placed 38 million shares at S$0.29 each for its initial public offering (IPO) for an eventual listing on the Catalist of the Singapore Exchange.
The shares include 18 million new shares and 20 million vendor shares, the shopper marketing services provider said in a release on Wednesday evening.
Shopper360 partners multinational corporations and major brands in the retail and consumer goods spaces in Malaysia to strategise, plan and execute their branding and marketing plans. It counts Nestle, Dutch Lady, Samsung, Southern Lion, Cotra Enterprises, and Fonterra as its clients.
The IPO is expected to raise gross proceeds of S$11 million, representing about 33.2 per cent of the company's post-placement share capital. Upon completion of the IPO, Shopper360's market capitalisation will be about S$33.2 million.
Net proceeds of about S$3.4 million from the issue of new shares (see amendment note) will be used for expansion of the group's service offerings as well as network of customers and retail partners. The group will also use the sum to expand into new geographical locations such as Myanmar and Singapore, or to engage in acquisitions, strategic alliances and/or joint ventures. The proceeds will also be used for general working capital purposes.
The placement will close at 12 noon on June 28. Listing and trading of shopper360 shares on the Catalist is expected to start at 9am on June 30.
Zico Capital Pte Ltd is the IPO's sponsor and issue manager. UOB Kay Hian is the placement agent.
Amendment note: An earlier version of this article said that net proceeds of S$9 million from the placement will be used to expand the group's service offerings. The company has since clarified that the sum should be S$3.4 million, and it comes from the issue of new shares. The article has been edited to reflect this.