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Credit Bureau Asia's IPO 60.8 times subscribed
CREDIT Bureau Asia (CBA) received applications from retail investors for 60.8 times the number of shares available in the public portion of its initial public offering (IPO), it announced on Wednesday.
With 1.5 million shares available to the public for subscription, it received more than 4,000 valid applications for about 91.3 million shares, with application monies received amounting to S$84.9 million.
Additionally, the credit- and risk-information solutions provider also attracted "strong interest" for its 28.5 million placement shares from institutional and other investors; Lion Global Investors, Affin Hwang Asset Management, Albizia Capital and New Silk Road Investment had subscribed for and purchased five per cent or more of the offering shares.
With a total of 230.39 million issued shares, the company's market value at the IPO price of S$0.93 per share will be about S$214.3 million.
Of the IPO's closing, Kevin Koo, founder and executive chairman of CBA, said: "Both institutional and retail investors have demonstrated their confidence in our company and their appreciation of our resilient cash-generative business model and growth plans.
"With their support, we will strive hard to take CBA to new heights and generate sustainable returns for our shareholders."
Separately, cornerstone investors Aberdeen Standard Investments (Asia), Affin Hwang Asset Management, Eastspring Investments (Singapore) and Tokyo Shoko Research had subscribed for a total of 28 million new shares, constituting a 12.2 per cent stake in the company after completion of the offering and the issuance of the cornerstone shares.
The estimated net proceeds to CBA from the offering and issuance of cornerstone shares, after deducting underwriting commissions and estimated expenses relating to the offering payable by the company and vendors but excluding any discretionary incentive fees, is about S$23.6 million.
CIMB Bank Berhad, Singapore branch was the issue manager for the IPO.
Victor Lee, chief executive of CIMB Bank Singapore, said: “We are proud to partner Credit Bureau Asia on this. It is a great milestone both teams have accomplished together. CIMB Bank Singapore is also proud to be the sole issuer manager in the mainboard (listing). We wish CBA continued success and look forward to more achievements with them."
Trading of shares is expected to commence at 9am on Thursday.