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.