Koufu says public offering 17 times subscribed

Koufu says public offering 17 times subscribed

By: 
PC Lee
17/07/18, 11:13 pm

SINGAPORE (July 17): Koufu Group, one of the largest operators of food courts and coffee shops in Singapore, says the public offering was about 17 times subscribed.

This came after valid applications for 107.7 million public offer shares were received for the 6.3 million shares on public offer share were received at the close of the offer at 12 noon on Monday.

Koufu is selling up to 97 million shares at $0.63 each, in conjunction with its proposed listing on the Mainboard of the Singapore Exchange.

Its initial public offering (IPO) also comprised a placement tranche of 90.7 million shares, including 5.5 million shares reserved for Koufu’s directors, management, employees and business associates.

Of the 85.2 million placement shares, indications of interest were received for 552.5 million placement shares. All the reserved shares were allocated too.

Separate from the offering, Maxi-Harvest Group, One Hill Investments and Qilin Asset Management also entered into a cornerstone subscription agreement with Koufu to subscribe for an aggregate of 21 million cornerstone shares at the offering price.

The offering and the issuance of the cornerstone shares will raise net proceeds of approximately $70.5 million, of which approximately $43.0 million will be due to Koufu.

Pang Lim, Koufu’s Executive Chairman and Chief Executive Officer, says this is a strong vote of confidence for our group and a recognition of its established track record and growth plans.

The post-offering market capitalisation of Koufu is expected to be approximately $349.8 million.

The listing and trading of Koufu shares is expected to start at 9am tomorrow, under the stock code “VL6”.

 

AusGroup to buy housing village & facilities on Australia's Melville Island for $11.4 mil

SINGAPORE (Feb 19): AusGroup, the construction and marine services provider, is acquiring an accommodation village plus facilities worth A$11.8 million ($11.4 million). The village comprises a 119-man accommodation camp, kitchen, administration building and recreational facilities at Port Melville, Melville Island in the Northern Territory of Australia, supporting the Northern Territory oil and gas industry and marine transport industry. The acquisition will be made in cash, and comes without mortgage or security interests. AusGroup’s unit, NT Port and Marine, on Monday signed a gen....
Read More >>

Defensive utility stocks could ride infrastructure boom

SINGAPORE (Feb 18): Utility companies, which are usually deemed to be boring defensive stocks, could turn out to be sexy growth counters. This is because the growing demand for better infrastructure and amenities on the back of the population growth and rising affluence in Asia-Pacific is leading to the implementation of new utility projects in the region. “Because of their strategic significance, utility services have traditionally been provided by the public sector. However, ballooning population growth and fiscal constraints have resulted in more of the world’s utility services to sp....
Read More >>

Space tech start-up Transcelestial lasers in on high-speed connectivity

SINGAPORE (Feb 18): A few months ago, inside a second-storey shophouse in Chinatown, Rohit Jha and his team fired up a PlayStation 4 set. ­Using its controllers, he virtually navigated a small toy car, manoeuvring through a track on a remote rooftop of one of the buildings in Chinatown. The tiny vehicle was monitored by a couple of cameras and linked wirelessly to the team’s office a few blocks away. Jha, CEO and co-founder of space tech start-up Transcelestial, says he often demonstrates the capabilities of the company’s product through the PlayStation setup. The effort has paid off. ....
Read More >>