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Centurion prices IPO for Hong Kong dual listing

Centurion Corp. Ltd., based and listed in Singapore, is expecting roughly HK$69.7 million in net proceeds from its planned dual listing on the Hong Kong stock exchange, where it intends to offer 36,000,000 shares for HK$3.18 each.

The company said HK$62.7 million of the estimated net proceeds from the IPO have been reserved for the A$45.5 million development of a 280-bed student accommodation in Adelaide, Australia, which is expected to be completed in the fourth quarter of 2018. The remaining HK$7.0 million, meanwhile, will go toward the company's general working capital.

Centurion's IPO will comprise a public offering of 10,800,000 shares and a private placement of 25,200,000 shares. In its allocation statement, the company noted that it arrived with those figures after its public offering was oversubscribed 18.76x and its private placement slightly oversubscribed at 1.17x.

VBG Capital Ltd. is acting as the sole sponsor for the IPO and together with UOB Kay Hian Holdings Ltd. and Pacific Foundation Group serving as joint global coordinators, joint book runners and joint lead managers.