- Offer and Placement tranche fully subscribed
- Largest IPO year-to-date on the SGX-ST by gross IPO proceeds raised
- Commencement of trading on a “ready” basis expected to be at 9.00 a.m. on 20 August 2015
Soo Kee Group Ltd. (“Soo Kee Group” or the “Company” and, together with its subsidiaries, the “Group”) (“树记珠宝集团”), a leading and established trendsetting jeweller, drew positive interest from investors for its initial public offering (“IPO” or “Invitation”) of 112.5 million shares (“Invitation Shares”) at S$0.30 (“Invitation Price”) per Invitation Share, in connection with its listing on Catalist, the sponsor-supervised listing platform of the Singapore Exchange Securities Trading Limited (“SGX-ST”).
United Overseas Bank Limited (“UOB”) is the Sponsor, Issue Manager, Underwriter and Placement Agent for this IPO.
As at the close of the Invitation at 12.00 noon on 18 August 2015, there were 1,090 valid applications received for the 9,000,000 Offer Shares available to the public for subscription. These applicants applied for a total of 29,993,000 Offer Shares, representing application monies amounting to approximately S$9.0 million. The Placement Shares of 103,500,000 with application monies of S$31.1 million have been fully and validly subscribed.
Mr. Lim Yong Sheng (“林雍胜”), Executive Director and Group Chief Executive Officer, remarked on the robust support for Soo Kee Group’s IPO, “We are glad to have successfully closed our IPO. We have consciously earmarked the size of our IPO’s Offer tranche to be relatively large to allow the general investing public, many of whom are familiar with our brands, to participate in the growth journey of Soo Kee Group, a home grown business.”
“The positive interest from investors for our IPO is a testament to the investment community’s confidence in our long-term prospects, the strong brand equity of Soo Kee Group and our vision of bringing to life high quality, beautifully designed jewellery products, and inspiring experiences to our customers. On that note, we would like to thank investors as well as our customers and partners for their support in enabling Soo Kee Group to reach this significant milestone.”
The gross IPO proceeds raised was approximately S$33.8 million. The Group intends to utilise the net IPO proceeds of approximately S$31.6 million for the expansion of the Group’s network of retail stores and introduction of new product lines; capital expenditure for its new Changi Business Park Headquarters including its jewellery product design and development facilities and equipment which will be housed at the same premises; repayment in part of loans in connection with the construction of the new Changi Business Park Headquarters; and for working capital and general corporate purposes.
Based on the Invitation Price of S$0.30 per Invitation Share and Soo Kee Group’s post-Invitation share capital of 562,500,000 Shares, the market capitalisation of the Company is approximately S$168.8 million.
The commencement of trading of Soo Kee Group’s shares on a “ready” basis on Catalist is expected to be at 9.00 a.m. on 20 August 2015.
Comments are closed.