GHY Culture and Media IPO 9.6 times subscribed

The Edge Singapore
The Edge Singapore12/17/2020 07:52 PM GMT+08  • 1 min read
GHY Culture and Media IPO 9.6 times subscribed
At the offer price of 66 cents per share, GHY will have a market value of around $708.7 million.
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The public tranche of entertainment company GHY Culture & Media Holding Co’s IPO has been 16 times subscribed, with just over 48 million shares vying for three million shares allocated.

The institutional tranche of 18.7 million shares, meanwhile, was more than eight times covered. On aggregate, the offer was 9.6 times covered across these two tranches.

The shares are offered at 66 cents each. Besides these two tranches, the company has sold nearly $107.4 million worth of shares to cornerstone investors including the likes of Osim founder Ron Sim.

Some $121.7 million in proceeds have been raised from the third non-REIT Mainboard IPO this year.

See: GHY Culture & Media sets its sights on 'Nanyang'

“The positive response is a testament of investor confidence in GHY’s robust financials, capabilities and business strategies,” says executive chairman and group CEO Guo Jingyu.

“We look forward to leveraging on our strengthened market position to expand our international reach and regional presence,” he adds.

At the offer price, GHY will have a market value of around $708.7 million.

Trading of GHY’s shares will start at 9 am on Dec 18.

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