Southern Alliance Mining first to list amid Covid-19 outbreak

Amala Balakrishner
Amala Balakrishner6/19/2020 07:00 AM GMT+08  • 6 min read
Southern Alliance Mining first to list amid Covid-19 outbreak
The Southeast Asian initial public offering (IPO) market got off to a good start in the first quarter of this year. There were 31 deals, up 63% y-o-y, and with a total of US$3 billion ($4.2 billion) raised, a whopping 885% increase from 1Q2019.
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SINGAPORE (June 19): The Southeast Asian initial public offering (IPO) market got off to a good start in the first quarter of this year. There were 31 deals, up 63% y-o-y, and with a total of US$3 billion ($4.2 billion) raised, a whopping 885% increase from 1Q2019. Singapore accounted for five listings, with a total of US$0.5 billion raised.

However, the Covid-19 outbreak has brought the IPO momentum to a halt — until now. Along with the partial recovery of the financial markets, Pahang-based, iron-ore producer Southern Alliance Mining (SAM) is first off the gates. It lodged its prospectus on June 16 and is looking to raise gross proceeds of $19 million with an all-placement offer of 76 million shares at 25 cents each, which is around 6.13 times FY2019 audited profit before tax.

“Although the overall economic sentiment has dampened, the market outlook for our iron ore business is not that gloomy,” Teh Teck Tee, non-executive, non-independent chairman of SAM, tells The Edge Singapore.

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