Sheng Siong jumps 7.6% in first two days after S$ IPO

17 Aug 2011

Sheng Siong Group successfully closed a S$115.995m ($95.4m) initial public offering in Singapore this week, defying dire equity markets over the past few weeks. The stock was up 7.6% after its first two days of trading.

Investors placed orders for around 448.7m shares, meaning the book was covered about 1.3 times. The final allocations were still not available by the end of Asian trading on Tuesday, but most bankers thought the books would be dominated by local Singaporean institutions and retail investors.

"It is ...

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