“Although the overall economic sentiment has dampened, the market outlook for our iron ore business is not that gloomy,” Teh Teck Tee, non-executive, non-independent chairman of SAM, tells The Edge Singapore.
SINGAPORE (June 19): The Southeast Asian initial public offering (IPO) market got off to a good start in the first quarter of this year. There were 31 deals, up 63% y-o-y, and with a total of US$3 billion ($4.2 billion) raised, a whopping 885% increase from 1Q2019. Singapore accounted for five listings, with a total of US$0.5 billion raised.
However, the Covid-19 outbreak has brought the IPO momentum to a halt — until now. Along with the partial recovery of the financial markets, Pahang-based, iron-ore producer Southern Alliance Mining (SAM) is first off the gates. It lodged its prospectus on June 16 and is looking to raise gross proceeds of $19 million with an all-placement offer of 76 million shares at 25 cents each, which is around 6.13 times FY2019 audited profit before tax.
