iFast to issue 10 million shares in private placement to raise up to S$75 million

WEALTH management platform iFast Corporation AIY is planning to raise up to S$75 million in a private placement in part to fund the proposed acquisition of a majority stake in BFC Bank - a move that the company previously said would help accelerate the growth of its overall wealth management business.

According to investor communications seen by The Business Times (BT), iFast will be issuing some 10 million to 10.3 million new shares at an indicative price range from S$7.30 to S$7.50 per share.

iFast said the actual subscription price will be determined only at the end of the placement exercise, and is dependent on the strength of demand as well as market conditions.