Aspial Lifestyle raises $60m in first tranche of $85m equity plan

This eill fund expansion and investments in pawnbroking amongst others.

Aspial Lifestyle Limited’s $60m private placement was more than two times covered, according to a filing with the Singapore Exchange (SGX).

The company issued 149.25 million new shares at $0.402 each, forming the first tranche of its $84.8m equity fund raising. Total issued shares rose to about 2 billion after completion.

Aspial Lifestyle said proceeds from its equity fund raising will be used for expansion, investments in pawnbroking and secured lending, potential acquisitions, working capital, and debt repayment, according to a previous filing with SGX.

The placement drew institutional investors including Eastspring Investments (Singapore) Limited, ICH Synergrowth Fund, JPMorgan Asset Management (Singapore) Limited, Lion Global Investors Limited, and Value Partners Hong Kong Limited, alongside other investors.

The placement also saw participation from fund managers under the Monetary Authority of Singapore’s Equity Market Development Programme.

The broader fund raising includes a non-renounceable preferential offering of 61.7 million new shares at the same price, expected to raise about $24.8m. Eligible shareholders will receive one new share for every 30 held.

The placement was arranged by DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, SAC Capital Private Limited, and United Overseas Bank Limited as joint placement agents.

The shares began trading on the SGX mainboard on 25 May, after the company’s transfer from Catalist on 4 May.

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