Deluge targets $23.4m gross proceeds in SGX offering

Proceeds are earmarked for infrastructure facilities and operational capabilities.

Deluge Corporation Limited issues 15.6 million new shares at $0.6 per offering share on SGX Mainboard to raise $23.4m in gross proceeds.

The offering comprises 14.8 million placement shares to investors and 800,000 public offer shares, Deluge said.

After estimated listing expenses of about $3.27m, Deluge expects to receive net proceeds of about $20.13m, which will be used for investments in infrastructure, facilities, and operational capabilities.

The funds will also support strategic partnerships, acquisitions, joint ventures, and regional expansion, as well as business expansion and working capital needs.

The company said $14.04m, or about 60% of the total gross proceeds from the offering and cornerstone tranche, has been secured through cornerstone commitments.

The public offer opened on 6 October and will close on 14 October at 12 pm.

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