Receiving strong interest from both retail and institutional investors, World Class Global’s initial public offering was 2.1 times oversubscribed at the close of the public offer via the Catalist board.
This comes as the real estate company received 3,052 valid applications for the 136 million invitation shares offered at an issue price of S$0.26 each.
Notably, 3.98 million invitation shares were made available to the public.
“We are highly encouraged by the positive response we have received for our IPO. This clearly demonstrates the strong confidence that the investors have in WCG’s investment story,” said World Class Global executive director and CEO Ng Sheng Tiong.
In an SGX filing, the real estate company – which undertakes property investment and property development in major cities in Australia and Malaysia – revealed that it plans to use the S$21.9 million net proceeds primarily for “the acquisition of properties and construction and other related costs in connection with the development properties, as well as working capital for the group”.
It noted that the net proceeds will increase by around S$2.7 million if the underwriter and placement agent exercise the over-allotment option during the relevant option period.
Assuming the over-allotment option is not exercised, World Class Global’s post-invitation market capitalisation will stand at around S$235.5 million based on the S$0.26 issue price, it added.
This article was edited by Denise Djong.
