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HRnetGroup seeks to raise S$174m with IPO at S$0.90 per share

9a-HRnetGroup Group Picture.jpg
Strong cash flows, superior net margins compared to peers and a likely acquisition spree have fuelled RHB's "buy" recommendation on initial coverage of recruitment firm HRnetGroup.

RECRUITMENT group HRnetGroup on Thursday launched a S$174 million initial public offering (IPO) on the Singapore Exchange mainboard at a price of S$0.90 per share for about 193.4 million shares.

More than half of that, at about 103.9 million shares, will go to cornerstone investors. Of the remaining 89.5 million shares, there will be a public tranche of 3.8 million shares. But that public tranche includes 440,800 shares reserved for the group's directors and employees.

The cornerstone investors include Aberdeen Asset Management Asia, FIL Investment Management (Hong Kong) and Meiji Yasuda Asset Management. Singapore investment firm Temasek Holdings' Heliconia Capital Management unit will also hold about 1.95 per cent of the group's post-IPO share capital.

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