Soilbuild IPO oversubscribed 7.5 times

Soilbuild Construction Group’s IPO of 168 million new shares has drawn substantial interest from investors. Excluding the parties specified under Rule 232 and Rule 240 of the SGX-ST Listing Manual, the IPO was 7.5 times oversubscribed and attracted application monies of S$315.6 million from the total valid applications.

Priced at S$0.25 each, the IPO shares raised S$42 million in gross proceeds. It included two million offer shares by way of public offer and 166 million placement shares.

“We are delighted with the strong response from investors. We look forward to welcoming them as our shareholders,” said Lim Chap Huat, Executive Chairman at Soilbuild. “The support shown demonstrates confidence in the construction sector in Singapore, particularly Soilbuild. Our management and staff will continue to build the business to achieve growth on a sustainable basis.”

The IPO is expected to generate net proceeds of S$39.5 million, where up to S$10 million will be used in investments, up to S$5 million for business expansion across Asia and S$24.5 million as working capital.

Source – PropGuru – 27 May 2013

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