Oxley, SC Global, Super Group bosses take shares in Lian Beng spin-off

Fri, Apr 20, 2018

Marissa Lee

THE public tranche of property developer SLB Development's initial public offering (IPO) was about 20.6 times subscribed, ballot results on Thursday showed.

SLB's offering comprised 238 million new shares at S$0.23 apiece. The size of the public tranche was a mere 8 million shares. The remaining 230 million shares were placed out.

Overall, SLB's public and placement tranches combined were 1.7 times subscribed.

SLB's list of placees includes some prominent names who were alloted more than 5 per cent of all the new shares available.

They are Super Group founder David Teo, United Envirotech founder Lin Yucheng, Oxley Holdings deputy CEO Eric Low, SC Global founder Simon Cheong, Toe Teow Heng of ICH Partners and former stockbroker Han Seng Juan.

SLB will have a market cap of S$210 million immediately upon listing.

Based on its post-IPO share capital of 913 million shares and pro forma net asset value (NAV) of 15.74 Singapore cents as at Nov 30 last year, SLB's IPO price of S$0.23 represents 1.46 times its NAV. This is a premium to other small-cap property players listed here.

SLB Development is a spin-off from main board-listed Lian Beng Group, which will remain as SLB's controlling shareholder post-IPO.

SLB's portfolio comprises five residential and mixed-use developments such as Spottiswoode Suites and KAP & KAP Residences. Its projects to be launched for sale in the second half of this year include three residential sites - Serangoon Ville, Rio Casa and Lorong 24 Geylang - and industrial projects Khong Guan Industrial Building and 50 Lorong 21 Geylang.

SLB shares will commence trading on the Catalist board on April 20.