Hong Leong-linked First Sponsor eyes S'pore listing

Singapore

FIRST Sponsor Group Ltd, a real estate group whose controlling shareholders are Hong Leong Group Singapore and Tai Tak Group Singapore, is looking to raise up to $102.1 million, through an initial public offering (IPO) and a sale of shares to cornerstone investors.

In a preliminary prospectus lodged with the Monetary Authority of Singapore (MAS) yesterday, First Sponsor, whose focus is on residential and commercial properties in tier-two China cities, said it plans to make a share offer of 54.05 million shares at between $1.50 and $1.60 per share.