The IPO of Kin Global Limited is approximately four times subscribed.
Priced at 23 cents each, the IPO comprised of one million shares through public offer and 23.93 million shares through the placement offer, which includes 5.148 million reserved shares set aside for its management, directors, employees and business associates.
At the close of the offer on April 21, 12pm, for the public offer tranche, Kin Global saw 419 valid applications for 29,531,600 public offer shares, which translates to being around 29.5 times subscribed.
For the placement tranche, indication of interest was received for 69,550,500 placement shares and this resulted in being approximately 2.9 times subscribed.
The IPO has drawn strong interest from prominent institutional funds such as Lion Global Investors, along with prominent investors such as Han Seng Juan and Ang Hong Guan.
Meanwhile, Kin Global also attracted cornerstone investors such as Amova Asset Management, Apricot Capital, Asdew Acquisitions and Ginko-AGT Alpha Fund VCC.
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SAC Capital is the issuer manager, sponsor, underwriter and placement agent for the IPO. Maybank Securities and Moomoo Financial Singapore are the sub-placement agents for the IPO.
“We are deeply encouraged by the strong response from both institutional and retail investors, which reflects their confidence in Kin Global's growth story,” says Ko Chee Wah, Kin Global’s executive chairman.
“The strong investor interest in Kin Global's IPO is a testament to the company's solid fundamentals, differentiated market position and compelling growth strategy,” says Tan Kian Tiong, SAC Capital’s COO.
The listing and trading of Kin Global's shares on the Catalist board is expected to commence on a "ready" basis at 9 am on Thursday, April 23.
