Debao raises S$47.93 million from IPO

Mainboard-listed company Debao Property Development has released an update on the use of the proceeds from the initial public offering (IPO) it conducted in April 2010, which raised S$47.93 million.

Debao said it allocated S$9.93 million for general corporate and working capital requirements.

The company also allocated S$13 million for investment properties and acquisition of new development sites. Of that amount, S$3.7 million was used to buy a piece of land in Foshan, China.

It set aside the remaining S$25 million to its existing property development projects.

To date, S$18.06 million of the remaining amount has already been used.

Debao said it will provide regular updates on the use of the balance of the IPO proceeds.