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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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Avi-Tech Electronics Limited



Avi-Tech Electronics Limited provides services and products to the semi-conductor industry. The Company designs burn-in boards and related products. Avi-Tech also offers engineering services and equipment distribution. The prospectus is here.


Public offer : 3m shares at 33 cents
Placement offer: 85m shares
Manager: Westcomb


This IPO is not one that 'excites' me a lot. One reason is that it is in the not-so-hot electronics sector and in the semi-conductor industry. If technology sector in Singapore is so 'hot', then you will not see M&A deals like acquisition of UTAC or Broadway or MMI, etc. Having said that, the Company seemed to be experiencing very strong growth with 1H07 sales growing by 117% over 1H06 and 1H07 profit is 67% over 1H06.

Assuming the net profit for 2007 is 1H07 x 2 = $15.2m, the EPS is 4.3 cents. At IPO price of 33 cents, it is priced at forward PE of 7.7x. Using a 8-10x forward PE, the fair value is approximately between 35-43 cents. I certainly hope this will not be the first IPO to go below water or everyone will lose confidence in Westcomb. It is a small stag for me and you will not be faulted for giving it a miss and save that $2 for a chicken rice since it is difficult to get from the public offer anyway.

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