SGX welcomes First Sponsor Group to Mainboard after $834m IPO

The total number of listed real estate firms is now 87.

After amassing $834m in its recent IPO, Singapore Exchange (SGX) today welcomed First Sponsor Group Limited to its Mainboard under the stock code of “ADN”.

First Sponsor Group is a developer and owner of residential and commercial properties in Chengdu and Dongguan, China, and also provides property financing services. The group is supported by prominent shareholders, Hong Leong Group Singapore and Tai Tak Estates Sendirian Berhad.

Neo Teck Pheng, Group CEO of First Sponsor Group, said: “Today’s listing on SGX comes at a time as we embark on our next phase of growth. Our continuing success is attributable to the counsel of our Board, the commitment and hard work of our staff and the invaluable support we have received from both our key controlling shareholders – Hong Leong Group Singapore and Tai Tak. With a strategic focus on tier-two PRC cities, in particular Chengdu and Dongguan, and a healthy development pipeline comprising residential and mixed-use projects, which are complemented by our property financing business with particular focus in Shanghai, First Sponsor is well-positioned to deliver growth for our stakeholders.”

Lawrence Wong, Head of Listings at SGX, said: “We are pleased to welcome First Sponsor Group to SGX, adding to the choice of our investors and further depth to our real estate sector. We look forward to supporting them as they grow their business in China.”

With an IPO market capitalisation of S$834 million, First Sponsor Group brings the total number of companies in the real estate sector to 87 with a combined market capitalisation of $180 billion.