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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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Sincap Group Limited

This is for information only. No public tranche was offered.

Sincap Group Limited ("Sincap" or "Company") is in the trading of alumina and thermal coal, as well as in the mining and sale of gypsum in China.

The Company is selling 32.5m placement shares at $0.20 each of which 25.5m are new shares and 7m are vendor shares. The listing will be on the Catalist. The offer closed on 23 July and will be listed on 25 July 2012.

Based on the enlarged share capital and IPO price and assuming the service agreement was in place, the company will be listing at a historical PER of 58x. wow... and the market cap will be $35.1m. Since i am not privy to the 2012 projections, i will not attempt to determine its fair value. The company will be tightly controlled with a free float of 18.5%.

The directors intend to propose a dividend of at least 50% of its net profit for FY2012. Assuming the profit level remained the same, the profit in SGD will be around $810,000. Since they have raised SGD5.1m from the public, they should have the means to pay out $810k of which 81.5% will go to the founders of the company. Investors better hope the profit for 2012 remain low?!!?

I don't really fancy the IPO for the following biased reasons:

1. Small cap China-based mining firm.
2. Audited by non big 4 audit firm.
3. Expensive valuation.

My rating: Chopped Chilli.


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Vendor Agreements said…
In this vendor agreement agreement must mention the details about the service being provided by the vendor.
30 July 2012 at 15:12
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