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China-based developer offers IPO for SGX listing

PropertyGuru

A Chinese property developer has launched its initial public offering (IPO) on the mainboard of the Singapore Exchange of 34.05 million shares at $1.50 each.

First Sponsor Group Limited (FSGL), a real estate player with ties to Hong Leong Group, will allocate about 3.8 million shares to the public, while 30.25 million shares will be placed.

When listed, the company is estimated to have a market capitalisation of around $884.7 million. It also expects to raise $59.7 million in net proceeds, which will be used to fund future property projects and acquisitions.

Apart from commercial and residential development, FSGL also provides property financing services, mainly in Shanghai. It also plans to tap the mass market segment of Chengdu and Dongguan.

In a statement, Group CEO of FSGL Neo Teck Pheng said, "Chengdu and Dongguan enjoy urbanisation rates that are higher than the national average. The local governments are also encouraging investments in higher-value industries and investment from major local and foreign corporations."

Trading of the shares is scheduled to start on 22 July.

Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

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