iFast Corp plans 32.8m share float

By Team DealStreetAsia

November 23, 2014

Financial services firm iFast Corporation has announced plans for a 32.8 million share float. The company will offer only 2.3 million units to the public, with the remaining would be set aside as placement shares, said an official statement. .

Its cornerstone investors – FIL Investment Management Ltd and OWW Investments III – will subscribe to a total of 19 million shares at the offer price, equivalent to 7.4% of the issued shares at the date of listing. The company has already filed a preliminary prospectus with the Singapore exchange.

Upon listing, its existing shareholders, which include Lim Chung Chun and his spouse Neo Lay Kien, SPH AsiaOne and Accretion Investment Pte Ltd among others, will hold just under 51% stake. The company plans to use the proceeds from the IPO to enhance its offerings and expand its operations in China.

The company launched its China operations in this year, though it has been present in Hong Kong since 2007. It also has a presence in Malaysia since 2008.

The company had S$5.13 billion assets under management as of September 2014 and had closed FY13 with revenues of S$31.6 million.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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