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[SINGAPORE] Dezign Format will begin trading on the Singapore Exchange’s (SGX) Catalist board when the market opens at 9am on Friday (Aug 15), following the successful placement of its new shares amounting to S$6.5 million.
In a bourse filing on Thursday, the design agency said that the placement, which comprised 32.5 million new shares at S$0.20 per share, was fully subscribed as at 12 pm on Aug 13.
The company said that it had attracted strong support from various institutional groups for the proposed initial public offering (IPO). The investors include Asdew Acquisitions, Lion Global Investors, Maybank Asset Management Singapore and Nikko Asset Management Asia.
Based on the company’s invitation price and the post-invitation share capital of 200 million shares, the company’s post-IPO market capitalisation stands at S$40 million.
Mike Chong, Dezign Format’s chief executive officer, said that the company’s listing represented an “exciting milestone” for the company. It aims to capitalise on growth opportunities in the meetings, incentives, conferences, and exhibitions and location-based entertainment sectors.
“This IPO will enable us to facilitate our regional expansion plans, particularly through our new Malaysia production facility and upcoming sales offices in Thailand and Vietnam. We’re especially enthusiastic about our virtual reality initiatives and the licence partnerships that will extend our reach across South-east Asia,” he added.
Evolve Capital Advisory is the sponsor, issue manager and placement agent for the listing and the placement. Maybank Securities is the sub-placement agent for the listing.
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