World Class Global's IPO over-subscribed

THE property arm of jeweller, Aspial Corp, has seen brisk demand for its initial public offering (IPO), which was over-subscribed at the close of the public offer via the Catalist board.

World Class Global received total valid applications for just under 280 million shares against 136 million invitation shares.

Some 3.98 million invitation shares were made available to the public for subscription at S$0.26 each.

All in, the invitation shares were 2.1 times subscribed.

The IPO raised net proceeds of S$21.9 million so far for World Class Global. Aspial's property unit added that its net IPO proceeds stand to increase by about S$2.7 million if the underwriter and placement agent of the IPO choose to exercise an over-allotment option in the offer document.

Assuming the over-allotment option is not exercised, World Class Global's post-IPO market capitalisation will be about S$235.5 million based on the issue price of S$0.26.

ZICO Capital is the sponsor and issue manager in connection with the IPO. UOB Kay Hian is the underwriter and placement agent for the invitation and OCBC is the sub-placement agent.