Electronics and furniture retailer Courts Asia, which operates stores in Singapore and Malaysia, launched an initial public offering in Singapore to raise $137 million mainly to fund its expansion in Indonesia.
The listing comes after the company, a household name in Singapore, failed to list its shares in 2010 while a plan to sell the firm was also scuppered.
Courts is offering 178 million shares, of which 60 million are new shares. The offer price of $0.77 per share is at the top end of an indicative price range due to strong support from institutions, the company said in a statement on Monday.
It plans to list on Oct 15.
Courts plans to use 91.3% of the net proceeds to tap the growing middle class in Indonesia, which it said is a large and fast-growing market that is still under-penetrated.
Courts has four cornerstone investors -- JF Asset Management, New Silk Road Investment, Target Asset Management and Value Partners Hong Kong -- which have taken up 44% of the IPO.
The Hongkong and Shanghai Banking Corp is the sole global coordinator, bookrunner, underwriter and issue manager of the IPO. UOB Kay Hian is the public offer coordinator and sub-placement agent.
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