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.