Samurai 2K Aerosol receives valid subscription for all 20m placement shares for Catalist IPO

SAMURAI 2K Aerosol Limited announced that the placement for its initial public offering of 20 million new shares at 20 Singapore cents per share had received valid applications for all the shares at application close on Thursday noon.

The aerosol coating specialist with a focus on the vehicle refinishing and refurbishing industry, announced also that it has received application monies amounting to S$4.0 million.

With the completion of the placement, Samurai 2K's total issued share capital now comprises 100 million shares and its market capitalisation is approximately S$20.0 million.

Of the net proceeds of approximately S$2.35 million, S$1.2 million will be used for the expansion of production facilities and S$1.15 million will be used for general working capital purposes, said the firm.

Trading in the company's shares on the Catalist Board is expected to commence on Jan 16.