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ISDN public offer in Hong Kong sees 'robust demand'

MAINBOARD-LISTED engineering solutions company ISDN Holdings said on Wednesday that it has received "robust demand" for the public tranche of its shares which are being offered as part of the group's dual primary listing on the main board of the Stock Exchange of Hong Kong (SEHK).

A total of 40 million new shares were to be issued at a price of HK$1.25 (23 Singapore cents) per share, of which initially 36 million were offered by way of private placement, and the remaining four million shares were offered to the Hong Kong public.

ISDN said: "Due to the oversubscription of public offer, the final number of offer shares allocated to the public offer and the placing is 20 million shares and 20 million shares respectively."

The listing is expected to generate net proceeds of approximately S$7 million, which will be used for the repayment of bank loans and general working capital.

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ISDN's shares are expected to begin trading on SEHK on Thursday, under the stock code 1656.

ISDN has also requested for the lifting of its trading halt, which was imposed from Wednesday morning.