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Aspial's property unit targets S$35M Singapore IPO

Aspial Corp. Ltd.'s World Class Global offered a total of 136 million shares on the Singapore Exchange Securities Trading Ltd.'s Catalist board to raise S$35.4 million in an initial public offering, Singapore's TODAY reported.

Of the offered shares, which were priced at 26 Singaporean cents apiece, 3.98 million shares will be offered to the public and 132.02 million shares through a placement.

The subscription period for the offer will run from June 7, at 9 a.m. local time, up to 12 p.m. on June 13, while trading and listing of the shares are expected to start June 15.

The June 6 report noted that an estimated S$21.9 million of net proceeds is expected from the IPO, which will be used primarily for property procurement, construction and development, as well as for the group's working capital.

ZICO Capital serves as the IPO's sponsor and issue manager. UOB Kay Hian is the underwriter and placement agent, while Oversea-Chinese Banking Corp. is the sub-placement agent for the offering, according to the report.

World Class Global, Aspial's property arm focusing on property development and investments, has a portfolio comprising assets in the Australian cities of Brisbane, Cairns and Melbourne, and in Penang in Malaysia.

As of June 6, US$1 was equivalent to S$1.38.