The Assembly Place starts trading on SGX after 50.3 million share IPO

Its IPO was 5.2 times subscribed, with total interest reaching $59.9m.

The Assembly Place (TAP) has started trading on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST), following its initial public offering (IPO) of roughly 50.3 million shares at $0.23 each.

The IPO drew interest from institutional investors, including Avanda Investment Management and Lion Global Investors, as well as individual investors.

Several cornerstone investors—including Apricot Capital, Asdew Acquisitions, Cache Capital, ICH Synergrowth Fund, and Maybank Securities (on behalf of certain high-net-worth clients)—subscribed for about 29.5 million new shares at the IPO price, totalling roughly $6.8m.

The offering included around 25.6 million new shares and 24.7 million existing vendor shares.

Of these, 2 million shares were made available to the public, whilst about 48.3 million were placed privately. Approximately 10.6 million of the placement shares were reserved for TAP’s management, directors, employees, and business associates.

At the close of the IPO, the public portion was 35.5 times oversubscribed, with 1,125 applications for 71.1 million shares totalling $16.4m.

The placement tranche received indications of interest for roughly 189.1 million shares, or 3.9 times the number offered, representing about $43.5m in potential subscriptions.

Overall, TAP’s IPO was 5.2 times subscribed, with total interest reaching $59.9m.

TAP intends to use the net proceeds of approximately $10.8m for expansion and operations.

About $5.7m will be allocated to growing its property portfolio through direct leases, joint ventures, acquisitions, and regional expansion.

Another $4m will be used for co-investments with property owners to acquire minority stakes, whilst the remaining $1.1m will cover general working capital and operational expenses.