Supermarket operator Sheng Siong Group aims to raise up to S$141 million via its initial public offering on the mainboard of the Singapore Exchange expected next month, people familiar with the deal told Dow Jones Newswires yesterday.
Sheng Siong is set to offer about 351 million shares at an indicative price range of S$0.36 to S$0.40 apiece, the sources said. The offer comprises about 201 million new shares and about 150 million vendor shares.
Sheng Siong last month filed a preliminary prospectus with the Monetary Authority of Singapore, but did not provide details about the size or timing of the offering.
The group, which operates 24 retail outlets throughout Singapore, reported revenue of S$628.4 million last year.
OCBC Bank is the issue manager, underwriter and the placement agent.
According to the draft prospectus, unaudited pro-forma net earnings per share of Sheng Siong for its 2011 financial year based on the pre-invitation share capital of 1,140 million shares is 3.74 Singapore cents.
Sheng Siong said in the draft prospectus it will use the proceeds mainly to repay debt, develop and expand its grocery business and operations in Singapore and overseas, and for working capital. Read More
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