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.