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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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Yong Xin International Holdings Ltd


(Yong Xin IPO booth at Raffles Place)

Yong Xin International Holdings Ltd manufactures high precision steel strips and its main products are chrome plated steel strips and cold rolled steel strips. The prospectus is here.
Public offer : 2m shares at 30 cents
Placement offer: 58m shares at 30 cents
Manager: Sterling Coleman
Closing date: 26 July 2007



This is another good quality IPO from Sterling Coleman. It seemed that this boutique IPO firm is on the right track and hitting the market with a series of quality Chinese IPO companies. Unfortunately the number of shares available for the public tranche is really pathetic and the probability of getting it from the ATM is extremely low. The listed peers in Singapore are mainly Link Hi Holdings and Cosmo Steel Holdings. Currently steel products are in high demand in China since China is the factory of the world and this is no exception.

(peer comparison)
Based on a 15x forward PE for 2007 EPS, my fair value for this company is 60 cents. (vested).
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