Tag Archives: Soilbuild Construction Group

Soilbuild IPO oversubscribed 7.5 times

Posted on 27 May 2013 | Comments Off on 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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Soilbuild soars 56% on debut, tops volume

Posted on 27 May 2013 | Comments Off on Soilbuild soars 56% on debut, tops volume

Shares in construction company Soilbuild Construction Group jumped as much as 56% on its debut in Singapore and were the top traded.

Soilbuild rose to a day high of $0.39 from its offer price of S$0.25. The company had offered 168 million new shares to raise nearly $40 million, mainly to replenish working capital, it said in its prospectus.

Soilbuild said it had won two contracts in Myanmar and expects to further expand in the country that has opened up for foreign investors after decades of isolation.

Based on Monday’s price, the company has a total market value of about $259 million.

Source – TheEdge : 27 May 2013

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