EGP Energy launches IPO of 18.8 million shares at $0.51 each

The group will have a market capitalisation of about $115m.

EGP Energy Corporation has launched an initial public offering (IPO) of 18.82 million shares priced at $0.51 each ahead of its SGX Mainboard listing.

The offering, together with a separate cornerstone tranche, is expected to raise gross proceeds of about $30.6m.

The group will have 225.45 million shares after the offering, giving it a market capitalisation of about $115m based on the offering price.

Separately, five cornerstone investors have agreed to subscribe for a combined 41.18 million new shares at the same price.

The investors are Amova Asset Management Asia, Avanda Investment Management, Ginko-AGT Global Growth Fund, Value Partners Hong Kong, and Whitefield Capital Management.

The IPO will close at noon on 27 July, with trading on the Mainboard expected to start on 29 July.

United Overseas Bank and UOB Kay Hian are the joint issue managers, with the latter also serving as the sole bookrunner and underwriter.

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