Group has raised around S$4.6 million from the initial public offering of 21 million placement shares, with each share priced at S$0.22
COMMERCIAL interior decoration and engineering company Attika Group on Thursday (Nov 7) said that the placement shares from its listing on the Catalist board of the Singapore Exchange have been fully subscribed.
The group has raised around S$4.6 million from the initial public offering (IPO) of 21 million placement shares, with each share priced at S$0.22. There is no public tranche.
The issue price indicates that the group will have a market capitalisation of S$29.9 million upon listing.
The group’s controlling shareholder is its managing director and executive chair Steven Tan, who will hold a 84.6 per cent stake in the company after the placement. The company’s sponsor is RHB Bank.
Of the proceeds raised, S$1.3 million will go towards the expansion of the company through acquisitions, joint ventures, strategic alliances and potential investments into overseas ventures.
A further S$957,000 will be used to acquire new equipment, plant and other machinery, while another S$957,000 will go towards general working capital.
The balance of S$1.4 million will be used to fund the company’s listing expenses.
The company’s shares are expected to commence trading on a “ready” basis at 9 am on Friday.
