Procurri Corporation Limited ("Procurri") announced that its IPO was 1.9x subscribed where the public tranche of 6.88m shares were oversubscribed by 10x.
Commenting on the strong response from investors, Mr. Sean Murphy, Procurri's Global Chief Executive Officer, said, "We are elated with the broad-based support from both institutional and retail investors. The results reflect investors' appreciation for Procurri's investment story and a mark of confidence in our management's capabilities. Building on our solid fundamentals and increased access to the capital markets now, we are ready to accelerate and execute our growth strategies tobe the market leader in our industry."
The balloting table is as follows:
Investors who applied for 50,000 shares will have a 45% chance to get 12,000 shares and investors who applied for 100,000 shares will have 50% chance to be allotted 25,000 shares.
In addition, it is interesting to see quality "real money" investors being allotted at least 5% of the offer shares. The names are as follows:
Mr. Vesmond Wong, Chairman and Group Chief Executive Officer of DeClout Limited, added, "Being our maiden spin-off, the success of Procurri's IPO speaks volumes of our ability to invest, incubate, scale and harvest companies within our portfolio. After Procurri's listing on the Main Board of the SGX-ST, DeClout will continue to hold considerable interests in Procurri, participate in its growth, and be well-positioned to better reward its shareholders."
It is interesting to note that the market cap of Procurri is $156.8m while that of Declout is only $143.84m and Declout holds 46% of Procurri? If Procurri pops up tomorrow, investors might be better off buying into Declout instead of Procurri?