Mooreast IPO 1.3 times subscribed

MOORING solutions provider Mooreast Holdings' shares for its initial public offering (IPO) were subscribed by 1.3 times, the company said in a bourse filing on Tuesday (Nov 23).

Total gross proceeds of about S$8.5 million were raised from some 39 million invitation shares at S$0.22 each. These include a public offer of 800,000 shares and 38.1 million shares by way of placement.

Placees include Lion Global Investors, Pheim Asset Management and ICH Capital.

At the close of the public offer at noon on Tuesday, there were 268 valid applications amounting to 13.8 million shares worth S$3 million, resulting in the public tranche being about 17.3 times subscribed.

Mooreast has also received pre-IPO funding from Singapore-based global investor EDBI.

EDBI's investment and IPO proceeds will support Mooreast's ongoing business transformation, including its increased focus on offshore renewables and sustainability, the company said.

Mooreast founder and chief executive Sim Koon Lam said: "The funds raised will allow us to leverage our deep domain knowledge and strong track record as a leading mooring solutions specialist in the O&G (oil & gas) and marine sector, and diversify our skillset to serve the offshore renewable energy sector."

W Capital Markets is the sponsor, issue manager and placement agent for the IPO while UOB Kay Hian is the underwriter.

Mooreast shares will start trading on the Catalist-board of the Singapore Exchange at 9 am on Wednesday, Nov 24.

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