Ever Glory raises S$3.1 million from fully subscribed IPO

MECHANICAL and electrical engineering service provider Ever Glory United Holdings on Tuesday (May 16) announced that it had raised about S$3.1 million from the full subscription of 14 million placement shares, after the public offer for its Catalist listing closed at noon. 

The company had on May 11 registered its final offer document, offering 14 million placement shares at S$0.22 apiece.

The company said in a filing to the Singapore bourse that there were 215 placees. About half the placees (108 of them) were allotted between 1,000 and 9,000 shares. Three placees were allotted at least a million shares each.

Four parties had applied for and were allotted 5 per cent or more of the placement shares – namely Chen Jizhu with 3.5 million shares, Dong Zhaoyan with 3.1 million shares, Hexacon Construction with 1 million shares and Lin Zhiwei with 0.9 million shares. 

The company’s shares will begin trading on a “ready” basis on the Catalist board at market open on May 18.