Kin Global’s public offer of 1 million shares 29.5 times subscribed at S$0.23 a share

[SINGAPORE] Sports events management company Kin Global’s initial public offering (IPO) of 1 million public offer shares was 29.5 times subscribed at the close of the offer at noon on Tuesday (Apr 21).

In a bourse filing and statement on Wednesday, the company said that there were 419 valid applicants for the 29,531,600 public offer shares, resulting in these shares being 29.5 times subscribed.

Each share was priced at S$0.23, and the amount received was about S$6.8 million.

For its 23,930,000 placement shares, indications of interest were received for 69,550,500 shares, resulting in these shares being 2.9 times subscribed. The amount raised from these shares was around S$16 million.

Apart from the invitation, there was also a tranche of shares subscribed by cornerstone investors, including Amova Asset Management Asia, Apricot Capital, Asdew Acquisitions, Qiling Wealth Fund and Rudolf Jurgen August Rolles.

This tranche of 19.2 million shares at S$0.23 each amounted to S$4.4 million.

The company said that net proceeds from the invitation and cornerstone share tranche was S$7.4 million, which will be used for “mergers and acquisitions, investments, joint ventures, strategic alliances and/or partnerships to expand the Group’s presence within the events tourism sector”.

Substantial investors include Lion Global Investors (as investment manager) with 3 million shares, and Han Seng Juan and Ang Hong Guan, with 1.3 million shares each.

SAC Capital is the issue manager, sponsor, underwriter and placement agent for the Invitation.

The counter is scheduled to commence trading on the Catalist board on Thursday (Apr 23).

Kin Global’s executive chairman Ko Chee Wah, said: “We are deeply encouraged by the strong response from both institutional and retail investors, which reflects their confidence in Kin Global’s growth story.”