Credit Bureau Asia’s (CBA) initial public offering (IPO) on the SGX-ST’s Mainboard has received strong support from institutional and retail investors.
At close of subscription on Dec 1, 12pm, the offer was 60.8 times covered, with 4,323 valid applications for the 1.5 million public offering shares.
The applicants applied for a total of over 91.2 million public offering shares, with application monies amounting to some $84.9 million.
Institutional and other investors including Lion Global Investors Limited, Affin Hwang Asset Management Berhad, Albizia Capital and New Silk Road Investment purchased 5.0% or more of the offering shares.
At the same time, the cornerstone investors including Aberdeen Standard Investments, Affin Hwang Asset Management Berhad, Eastspring Investments and Tokyo Shoko Research subscribed to a 12.2% stake in the company.
With the completion of the offering and issuance of the cornerstone shares, CBA’s total number of issued shares came up to 230,390,000 units.
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Based on its offering price of 93 cents, the company’s market capitalisation stands at approximately $214.3 million.
The company’s gross proceeds from the offering and the issuance of the cornerstone shares is approximately $53.9 million.
Its estimated net proceeds stood at $23.6 million.
Shares in the company are expected to begin trading at 9am on Dec 3.
CIMB Bank Berhad is the issue manager for the IPO and CGS-CIMB Securities is the underwriter and placement agent.
“I am encouraged by the 60.8 times subscription rate for our public offering, especially in 2020 with the COVID-19 pandemic. Both institutional and retail investors have demonstrated their confidence in our company and their appreciation of our resilient cash-generative business model and growth plans. With their support, we will strive hard to take Credit Bureau Asia to new heights and generate sustainable returns for our shareholders,” says Kevin Koo, founder and executive chairman of CBA.