Mooreast Holdings, which specialises in providing mooring systems for the offshore and renewable energy industries, has received strong demand for its IPO which raised $8.5 million in gross proceeds.

A total of 38.85 million IPO shares were sold at 22 cents a share.

The retail tranche of 800,000 shares was 17.3 times subscribed whereas the placement tranche of 38.05 million shares was 1.3 times subscribed.

Notable investors who took up the placement include Lion Global Investors, which bought 6.8 million shares and Pheim Asset Management, which bought six million shares. ICH Capital, meanwhile, bought four million shares, and Eternal Glade Investment and Jin Xin Wealth Management took two million shares each.

In addition, Mooreast has received pre-IPO funding from Singapore-based global investor EDBI, the venture arm of the Singapore Economic Development Board.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/ipo/nio-begin-trading-sgx-may-20?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Nio to begin trading on the SGX on May 20</a>

The applications closed on Nov 22 and trading will begin on Nov 24.

see also: <a href="https://www.theedgesingapore.com/news/ipo/mooreast-expands-green-energy-sector-push-ipo">Mooreast expands into green energy sector with push from IPO</a>

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

“The strong support from institutional and retail investors underscores the confidence in the long term growth prospects of Mooreast. This is our first IPO on the SGX-ST and we are deeply honoured and elated by the strong support from investors,” says Wayne Lee, chairman and CEO of W Capital Markets.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/news/ipo/nio-receives-eligibility-list-sgx-secondary-listing?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Nio receives eligibility to list from SGX for secondary listing </a>

Sim Koon Lam, founder, executive director, CEO and deputy chairman of Mooreast, says he is “heartened” by the support of EDBI and the other IPO investors.

“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 and marine sector, and diversify our skillset to serve the offshore renewable energy sector,” he adds.

This IPO comes amidst a year-end pick up in new listings on the SGX after a largely quiet year.

Besides Mooreast, there are two on-going IPOs: Daiwa House Logistics Trust and Digital Core REIT.

Mooreast Holdings' IPO 1.3 times subscribed

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Mooreast Holdings' IPO 1.3 times subscribed

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