Singapore: Centurion Corp dual primary listing in HK sees strong demand

Hong Kong skyscrapers. Photo: Reuters

Singapore Mainboard-listed Centurion Corporation Limited – a student and worker accommodation owner-operator with assets in Singapore, Malaysia, the United Kingdom and Australia – has seen its initial public offer on the Hong Kong bourse subscribed approximately 18.76 times in a dual primary listing exercise. The offer price was HK$3.18 per share ($0.41).

Its offering included a total of 36 million new ordinary shares comprising a placement of 30 million shares with institutional investors and an offering of 6 million shares for retail investors in Hong Kong.

The offer shares in Hong Kong represent approximately 4.5 per cent of the enlarged share capital of Centurion Corporation. Since the public offer portion was more than 15 times subscribed, it will be increased to 10.8 million shares while the placement with institutional investors will be reduced to 25.2 million shares.

In a statement, Wong Kok Hoe, Chairman of the Board and Non-executive Director of the Company, said, “We will continue to selectively explore opportunities to grow our accommodation business through targeted and strategic expansion in existing and new markets, joint ventures and asset light strategies, including establishing and providing investment, asset and property management services.”

Singapore has seen a number of firms from the city-state listing on the Hong Kong Stock Exchange (HKSE) in recent years, with the city-state’s bourse seeing a downturn in its IPO performance in recent years.

The two stock exchanges have been competing in the derivatives and IPO space, as well as reviewing the implementation of dual-class share structures in order to attract more public listings.

This year saw a strong recovery in its IPO pipeline with the SGX and the Bursa Malaysia leading the revitalisation of the IPO market in Southeast Asia.

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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.

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.