Warm welcome: First Sponsor Group’s SGX IPO sees strong support from investors

All offered shares have been taken up.

First Sponsor Group Limited, a developer and owner of residential and commercial properties in the People’s Republic of China (the “PRC”), announced on Friday that its Initial Public Offering SGX Main Board has received strong support from investors.

As at the close of the Public Offer at 12 noon on July 17, 2014, the Group received 1,531 valid applications for a total of 29,280,000 Shares for the 3,800,000 Offer Shares available. In total, application monies received pursuant to such valid applications amounted to S$43.92 million.

The Placement tranche also attracted strong interest from institutional investors and high net worth individuals, with all 30,250,000 Placement Shares fully taken up. Waterworth Pte Ltd., Jimmy Lee Peng Siew and Terry Tan each took up more than 5.0% of the Invitation Shares.

Concurrent but separate from the Invitation, Mellford Pte Ltd and Mr. Yip Siu Chingsubscribed for an aggregate of 9,750,000 Cornerstone Shares at S$1.50 for each Cornerstone Share.

According to Neo Teck Pheng, Group CEO of FSGL, “We are heartened by the positive response from institutional and retail investors to our IPO, which is a strong endorsement of our business model, fundamentals and growth strategies. Our listed status in Singapore will also further enhance our corporate profile and reputation as a property group and we will continue to work hard at enhancing shareholder value through the growth of our three core business segments: Property Development, Property Holding and Property Financing.”