iFAST raises $105m from latest share placement

The share placement was oversubscribed, double the base deal size of $75m.

iFAST Corporation announced that it has successfully raised a total of $105m via placement of shares to institutional and accredited investors on 10 January 2022.

The placement was oversubscribed with over $150m in total subscription, more than double the initial base deal size of $75m. The issue price of $7.50 is at the top end of the placement's price range of $7.30 to $7.50 per share, and it represents a discount of approximately 4.5% to the day end price of $7.85 on 7 January 2022.

"We are thankful that the investor community has shown confidence in our company's placement. The funds will be used for the proposed acquisition of the UK bank, which we believe to be a significant milestone in our company's growth towards building a truly global wealth management business. Additional funds raised from this placement exercise will be used for working capital purposes," said CEO Lim Chung Chun.

The funds from the share will help finance the group's proposed acquisition of a UK bank, which was announced on 7 January.