MindChamps says public offering of shares 83 times subscribed

MindChamps says public offering of shares 83 times subscribed

PC Lee
23/11/17, 11:03 pm

SINGAPORE (Nov 23): MindChamps PreSchool says its public offer of shares in conjunction with its Singapore listing was approximately 83 times subscribed.

In its Thursday night filing, MindChamps says at the close of the public offer at 12 noon on Wednesday, valid applications for a total of 165.9 million public offer shares were received for the 2 million shares on public offer.

Priced at 83 cents each, MindChamps’ offering of 30.4 million shares included a placement of 28.4 million shares to investors, of which 2.4 million shares were reserved for the management, employees and business associates of the group.

See: MindChamps lodges IPO prospectus; to sell 30.4 mil shares at 83 cents

Based on the applications received for 165.9 million public offer shares and 432.5 million placement shares, the offering of 28 million shares was therefore 21.4 times subscribed.

Among the institutional investors who have subscribed for the placement shares are ICH Capital, Island Asset Management, JF Asset Management, and SUTL Holdings.

Separate from the offering, three cornerstone investors, namely CFCG Investment Partners International (Singapore), the Hillhouse Funds and Target Asset Management, have subscribed for an aggregate of 28.9 million cornerstone shares, representing 11.97% of the enlarged total number of shares issued.

MindChamps says the net proceeds of $44.6 million will be raised from the offering and the issue of the cornerstone shares, excluding over-allotted shares.

These would go towards funding the group’s expansion plans, including potential acquisitions; partial repayment of drawn down and outstanding amounts under an acquisition loan; and general corporate and working capital purposes.

MindChamps is expected to have a market capitalisation of $200.5 million upon listing, based on the offering price. Its shares will begin trading at 9 am on Friday.


Looking beyond quarterly fluctuations in ST Engineering’s growth story

SINGAPORE (Nov 17): ST Engineering’s latest third-quarter results have shown improvements in profitability in three of its four key business units of aerospace, electronics, land systems and marine. In addition to the main four, there is an “others” unit, which lumps together shared services, new ventures and other related activities. It reported a loss of $7.3 million. ST Engineering’s latest third-quarter results have shown improvements in profitability in almost all its business units. The marine unit, on the other hand, suffered a 35% y-o-y drop in earnings to $12.8 millio....

iFAST founder Lim confident China business will be exciting

SINGAPORE (Nov 16): Lim Chung Chun, chairman and CEO of iFAST Corp, believes long-term diversification is the best strategy to grow its assets under administration (AUA). Indeed, the company’s AUA has grown 18.7% y-o-y to hit a new record high of $8.5 billion as at Sept 30. Although the expansion of its unit trust platform into a wealth management solution distributing stocks, bonds, exchange-traded funds (ETFs) and insurance has been pretty successful, its geographical expansion into the mainland Chinese market for his B2B wealth management solutions hasn’t quite hit its marks yet. ....

How IoT in agriculture could present new opportunities for investors

SINGAPORE (Nov 16): Earlier this year, Avarga, formerly known as UPP Holdings, said it was acquiring a 23.08% stake in local start-up Archisen for up to $1.5 million in three separate tranches. Ian Tong, Avarga’s executive director, is on ­Archisen’s board. Tong is also the executive director of The Edge Media Group, which publishes The Edge Singapore. While indoor farming is not new, high-tech IoT-enabled farm Archisen is drawing on technical expertise from its partners to improve tis production within a controlled environment, shielded from the vagaries of weather that have t....
BMW charges up an 'electrified future'

Christopher Wehner, managing director of BMW Group Asia, explains how electric cars such as the BMW