Upon completion of the placement, 70-year-old Un will beneficially own a stake of around 66.5%.
Infinity Development Holdings, a Hong Kong-based glue maker, has on Nov 21 launched its Singapore IPO, seeking gross proceeds of some $13.7 million in an all-placement offer of 35.1 million shares at 39 cents each.
The company, founded in 1990 by chairman and CEO Ieong Un, is already Hong Kong-listed since 2010.
