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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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Heatec Jietong Holdings Ltd

Not another Catalist listing?!... Heatec Jietong is offering 18.5m New Shares at $0.275 each. The IPO is through placement and will close on 6 July 2009. Trading will start on 8 July 2009.

The Company is one of the leading piping and heat exchanger specialist in Singapore servicing the marine and oil & gas industries. The company made S$46.5m sales in 2008 with a net profit of $6.64m (net margin of 14%). The listing expenses is $1.44m and the net proceeds raised is $3.65m. (I can never understand why the listing fees is so high versus the amount raised... a real waste of time and money for the company...)

The company is issuing shares at around 5x PE and will have a market cap of $33.33m post listing. The company is fairly valued at the IPO price. Assuming the net profit for 2009 is slightly better and have a fair value PE of 6-8x, there could be some slight upside post IPO but for me, it is only a mediocre issue. Since this is a "placement only" issue, you will have to know someone from either DMG or Prime if you really want it..
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