SINGAPORE (July 27): Aspen (Group) Holdings announced that its initial public offering was roughly 1.2 times subscribed.

This was based on the total valid applications received for 202.9 million invitation shares and the invitation size of about 173.3 million shares.

Out of 173.3 million new shares at 23 cents per invitation share, about 4.3 million invitation shares were by way of offer to the public and about 168.9 million invitation shares were by way of placement to institutional investors.

See: Aspen launches IPO at 23 cents per share

See: Malaysian developer Aspen seeking funds to acquire additional land bank

Aspen is expected to raise gross proceeds of about $39.9 million.

At the close of invitation at 12 noon on Wednesday, valid applications were received for 34 million invitation shares on public offer, with application monies received amounting to $7.8 million. The placement tranche of fully subscribed, with application monies received amounting to $38.9 million.

Dato Murly, Group CEO of Aspen, says, “We will strive to grow our business further, riding on the bright prospects for the property development sector in Penang. With this listing, we believe Aspen is positioned for the next phase of growth regionally.”

Shares of Aspen will start trading at 9am on Friday under the stock code 1DI2.