Investors clawing for Tiger's IPO shares

The close of the Tiger Airways public offer had an overwhelming 27,072 valid applications for 260.1 million shares in, resulting in an oversubscribing by 21 times.

A total of approximately S$247.7 million in gross proceeds have been raised from the IPO, of which approximately S$233.3 million will go to Tiger Airways. Based on the Offering Price of S$1.50, Tiger Airways will have a market capitalisation of S$781.3 million at listing.

Commenting on the response to the IPO, President and Chief Executive Officer of Tiger Airways, Tony Davis said, “We are absolutely delighted with the response to this IPO from both the retail investors in Singapore and major global institutional investors. We believe that the significant demand for shares in Tiger Airways from investors around the world is a strong vote of confidence in our low-cost business model and the growth potential of Tiger Airways."

With respect to the international offering or placement tranche, the indications of interest received amounted to approximately 683.6 million Offering Shares, resulting in the placement tranche being approximately 4.5 times subscribed.

The Shares will be traded in Singapore Dollars and are expected to commence trading on the Main Board of the SGX-ST at 9:00 a.m. on Friday, 22 January 2010. More details are expected via SGX announcements.