Jack Chua, executive director and chief executive officer of APAC Realty.
APAC Realty Limited, which operates under the ERA brand, received robust investor interest for its shares during its initial public offering (IPO), with the public offering and international placement being 29.0 times and 13.4 times subscribed, respectively.
The company offered an international placement of 44.5 million shares and a public offering of 4.4 million shares at $0.66 per share.
In a release, APAC Realty revealed that it received 3,035 applications for a total of 127.7 million shares for its public offering, with the application monies amounting to around $84.3 million.
Aggregate indications of interest received from international investors stood at 597.6 million, with a total value of around $394.4 million.
Given the “strong demand from institutional investors during the bookbuilding period”, DBS Bank, as the company’s stabilising manager, over-allotted 9.75 million shares to the placement tranche.
APAC Realty has separately entered into cornerstone subscription agreements with Qilin Asset Management Pte. Ltd., FIL Investment Management (Hong Kong) Limited Azure Capital Pte Ltd and Asdew Acquisitions Pte Ltd for an aggregate 39.3 million shares.
According to the company, a net proceeds of around $61.3 million may be raised from the offering as well as the issue of cornerstone shares.
“We are heartened by the keen interest shown in the listing by the public and the investment community,” said Jack Chua, executive director and chief executive officer of the group.
“Going forward, we intend to strengthen and expand our presence in Singapore and the Asia-Pacific region, expand our range of services, and enhance our technological capabilities to remain a leader in our industry and a stalwart of the ERA brand here in Singapore and across the region.”
This article was edited by Keshia Faculin.