Credit Bureau Asia's IPO to sell 58m shares at S$0.93 each

Published Thu, Nov 26, 2020 · 07:07 AM

CREDIT Bureau Asia (CBA) on Thursday lodged its final prospectus for an initial share offering that will raise S$53.9 million.

This comprises an offering of 28.5 million placement shares, 1.5 million public offering shares and 28 million cornerstone shares at an offer price of S$0.93.

Of these shares, 29 million are vendor shares belonging to executive chairman and chief executive Kevin Koo as well as executive director William Lim.

The net proceeds for CBA will be S$23.6 million. The company intends to use S$11.8 million for strategic investments, regional expansion and acquisitions. Another S$7.1 million will be used for organic growth initiatives such as product development and business development. The rest has …