Singapore's Aztech mulls $400 mil IPO of tech unit

Bloomberg
Bloomberg12/18/2019 01:03 PM GMT+08  • 2 min read
Singapore's Aztech mulls $400 mil IPO of tech unit
SINGAPORE (Dec 18): Aztech Group Ltd., a Singapore-based conglomerate, is considering a listing of its technology unit on the country’s stock exchange that could raise as much as $400 million, according to people familiar with the matter.
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SINGAPORE (Dec 18): Aztech Group, a Singapore-based conglomerate, is considering a listing of its technology unit on the country’s stock exchange that could raise as much as $400 million, according to people familiar with the matter.

Aztech Group, which was taken private by its chairman in 2017, is working with advisers on the potential initial public offering of Aztech Technologies that could happen as soon as the second quarter, said the people. Aztech Group aims to seek a valuation of as much as $1 billion for its technology unit in a listing, said the people, who asked not to be named as the information is private.

Aztech Technologies would join companies such as Thai Beverage and Far East Consortium International in considering spinning units off for listings in Singapore in the coming year. First-time share sales in the country rose to US$2.2 billion ($3.0 billion) this year, from about US$1.5 billion in 2018, according to data compiled by Bloomberg.

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