Ayondo's IPO sees public applications come in at four-and-half times the number of offer shares

SOCIAL trading broker Ayondo's initial public offering (IPO) drew roughly four and a half times as many applications as there were shares in the public tranche, the Catalist wannabe said on Friday.

The application list closed at noon on Thursday with 875 valid applications for about 40.36 million offer shares, against the 8.9 million actually available.

Based on both the public tranche's performance and the valid applications for the 71.87 million placement shares, the offer was fully subscribed at about 1.3 times altogether.

In all, the IPO saw 561 successful applicants for the offer shares, and 270 placees.

Fund manager Pheim Asset Management, topped the list of substantial applications. It snagged 24.9 million shares, or 4.95 per cent of the enlarged share capital, through two units.

Meanwhile, Kwan Chee Seng, the founder and executive director of Ayondo backer Luminor Capital, took another 3.75 million placement shares.

This will give him a combined stake of 21.6 per cent after the IPO, assuming acquisition of all outstanding Ayondo shares and that all pre-IPO options have been exercised.

Loss-making, Europe-based financial technology firm Ayondo registered its offer document on March 15 for a debut here at S$0.26 a share.

The move would raise net proceeds of S$18.45 million and bring its market capitalisation to S$130.7 million.

Trading is expected to start on March 26 at 9am.