Singapore’s Trans-cab to raise $114m from IPO

Singapore’s second largest taxi-operator Trans-cab will sell 168 million shares, equivalent to 25% of the group’s enlarged share capital, in its initial public offering, aiming to raise up to S$114.2 million ($91.3 million) in the process.

It has priced its shares at 68 Singapore cents (per share), putting the company valuation at S$456 million. The float price, values the company at 12.6 times its 2013 earnings and 12.3 times of the expected earnings in 2014.

The company has also got on board, six cornerstone investors – Eastspring Investments (Singapore), FIL Investment Management (Hong Kong), Havenport Asset Management, JF Asset Management, Lion Global Investors and Maxi – Harvest Group – who will pick up just under 39% of the shares on offer.

The public offer is about 8.8 million shares, while the institutional tranche accounts for 94.2 million shares.  DBS in the principal banker for the exercise.

The company said it will use the proceeds to expand its taxi fleet to 5010 by the end of this fiscal, as compared to 4700 vehicles at present, and also foray into other transport businesses.

The public offer closes on November 18 and its shares are expected to trade on the Singapore exchange from November 20.

Last month, Indonesia’s largest taxi operator BlueBird had raised Rp 2.4 trillion (about $200 million) from its public offering, after it cut its float size and relaunched the deal below its initial offer price.

The company has a fleet of more than 30,000 vehicles and operates across 17 Indonesian cities

Its offering was impacted by bearish conditions in the Indonesian stock market as well as fears about the country’s reforms roadmap under the new government.

BlueBird ended up selling 376.5 million shares at Rp 6,500 ($0.54) per share, as against its earlier pricing between Rp 7,200 to Rp 9,300. The pricing valued company at 15.5 times its 2015 p/e valuation as compared to 17.1 to 20.1 times under the older pricing.

Credit Suisse, UBS and Danareksa Sekuritas were the underwriters for the IPO.

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.