Starburst Holdings Limited announced their balloting results this evening and the company will start trading tomorrow. The entire tranche was about 9.5x subscribed. I have to say that IPO is very hot.
The public offer is very difficult to get with probability of around 14% for those who applied for 100,000 shares.
As per my IPO write up, Alan Wang from Asdew Acquisitions took 10m placement shares and Eastspring Investments (part of Prudential) are the anchor for the placement tranche. Collectively, they own about 6.4% of the Company and the remaining free float is now reduced to about 34m shares (13.6%). My personal view is that the two are quality investors with a long term investment holding horizon. This should bode well for investors of Starburst.
Happy IPOing and congratulations to those who got the shares. ^_^