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THIS WEEK, Singapore Exchange (SGX) welcomed its first listing for the year — China-based Zhongmin Baihui Retail Group — and saw the registration of prospectuses for two other offerings: Malaysia Smelting Corp (MSC) and Sri Trang Agro-Industry. Both those companies are expected to list before the month’s end and together with XMH Holdings, which is scheduled to commence trading on Wednesday next week, that makes four listings in January alone — not a bad start to the year.
The smallest, Zhongmin Baihui, which is a mall operator based in Fujian, raised $7.3 million in net proceeds. XMH, a distributor of diesel engines for tugs and barges, is raising $18.9 million. Tin producer MSC is looking to raise about $45 million. Only Sri Trang’s IPO is sizeable. The natural rubber processor and exporter hopes to raise up to $448 million. (See the New Listings section in this week’s issue of The Edge Singapore for more on what each of these companies is doing.)
But there could be more good news for SGX investors this year. This week, Hong Kong billionaire Li Ka-shing announced his plans to spin off Hutchison Whampoa’s existing and future deep-water container port businesses in Guangdong, Hong Kong and Macau into a business trust called Hutchison Port Holdings Trust which the market expects could raise at least US$6 billion ($7.7 billion). If the IPO becomes reality, it will dwarf SingTel’s more than $4 billion offering, which has held the record since 1993.
And it was only in October when the market saw the $3-billion listing of Global Logistic Properties, Singapore’s second-biggest IPO since SingTel’s float.
