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Singapore IPOs: Why I No Longer Cover Every Listing

Some readers may have noticed that I have not been writing about every Singapore IPO since last year. The simple reason is that life has become busier. Between my day job, an increasingly packed travel schedule, family commitments and desire to play more golf, I have become much more selective about how I spend my time.  Writing detailed IPO reviews takes time — reading prospectuses, analysing financials, comparing valuations and understanding the competitive landscape. While I still enjoy investing and writing, I no longer feel the need to cover every IPO that comes to market. Instead, going forward, I will probably focus only on IPOs where I am seriously considering investing my own money or where there is something particularly interesting that is worth discussing. I suspect this will make the blog more useful as well. Rather than writing about every deal, I can spend more time sharing my thoughts on the handful that I believe deserve attention. That bring...
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Aspen Group Holdings - Balloting Results

Aspen announced that its PUBLIC tranche was 7.8x subscribed. Super misleading considering that the public tranche is small. I think most IPOs try to use the entire subscription rather than the public tranche only. 

I didn't compute but if combined with the placement tranche, it's probably about "1x subscribed" 

Commenting on the subscription results, Dato' Murly, Executive Director, President and Group CEO of Aspen, said, "We are greatly encouraged by the strong investor demand for our IPO, which we believe reflects the confidence in the potential of our properties, prospects and future plans. We would like to thank them for their strong support and welcome them as our new shareholders. We will strive to grow our business further, riding on the bright prospects for the property development sector in Penang. With this listing, we believe Aspen is positioned for the next phase of growth regionally." 
The balloting and placement table below. 

Interesting to see institutional support from Setia, Affin and Daiwa. They probably see "value" and know the company better than what my untrained eyes can't see. 

Good luck to those investors who went for the ATM. You will be 100% Bao Tio as indicated by the table above. Hope it's durian Bao Jiak tomorrow. 

Happy Aspening
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