BOUTIQUE property developer Goodland Group said yesterday its initial public offer on Catalist has been fully subscribed.
The company offered 30 million placement shares at 20 cents each in an IPO that closed yesterday. Applications totalled $6 million. The counter is expected to start trading tomorrow.
‘Our IPO proceeds will go to fund expansion efforts for our land bank and growing our business locally and regionally,’ said CEO and managing director Alvin Tan.
‘The IPO will serve as a branding platform and mark the start of our journey towards further establishing our name not just locally but overseas as well.’
Goodland will receive net proceeds of $4.5 million, of which $3 million or 67 per cent will be used to grow its land bank.
$1 million will go towards local and overseas business expansion. The remaining $0.5 million will be used as working capital.
Goodland has been in business since 1993 and focuses on developing small to medium-size housing. It also undertakes commercial construction projects.
It has been involved in projects such as the fully-sold Vetro near Braddell MRT and The Aristo @ Amber, which are scheduled for completion in 2012 and 2013 respectively. It also provided construction services for commercial developments such as Turf City.
Goodland’s IPO comes on the back of a stockmarket rebound and improvement in the economic outlook.
In the past few months there have been several new listings on the Singapore Exchange mainboard and Catalist, such as PEC and Mary Chia.
Source: Business Times, 7 Oct 2009
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