SINGAPORE (Jan 22): Grand Venture Technology (GVT) says its $13.2 million initial public offering (IPO), which closed on Monday at 12 noon, successfully placed out all 42.9 million of its new shares at 27.5 cents.

The placement, comprising 0.8 million offer shares and 42.1 million placement shares, was fully subscribed in aggregate at 1.3 times.  

Trading of GVT’s shares on the SGX Catalist board is expected to start at 9am on Wednesday.

At its close, 288 valid applications for an aggregate of 12.53 million offer shares were received for the group’s 0.8 million offer shares, translating into a subscription rate of 15.7 times.  

In a Tuesday filing, GVT’s executive chairman Ricky Lee says the positive IPO response from the investment community as a vote of confidence to the group’s prospects and growth plans.

“This will spur us on to execute our strategy and take GVT to the next stage of growth,” he adds.

CIMB Bank , Singapore Branch, acted as the sponsor and issue manager for the IPO, while CGS-CIMB Securities (Singapore) is the underwriter and placement agent.

Among GVT’s cornerstone subscription was Sunshine Power, which agred to subscribe for 4.1 million shares at the issue price.

GVT’s market capitalisation is expected to be $64.4 million upon listing.