SINGAPORE (Dec 10): iFast Corp, the online distributor of investment products, says its IPO was 12.4 times subscribed.
At the close of application at 12 noon on Dec 9, 2,437 valid applications for 46.7 million shares were received for the 2.8 million offer shares offered to the public at the close of application at 12 noon on Dec 9.
The indications of interest received in respect of the public offering works out to be 16.7 times the total number of shares in the public offering.
Meanwhile, iFast said its placement tranche of 30 million shares were 12 times subscribed.
Taking both the public and placement tranches into consideration, iFast’s IPO was on average 12.4 times subscribed.
Lim Chung Chun, chairman and CEO of iFast, noted that the public offer and placement saw strong demand from the public and institutional and high net worth investors respectively.
iFast sold the 32.8 million shares at 95 cents each.
The stock will start trading on the Mainboard tomorrow at 9 am.
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