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Gaylin Seeks to Raise $38.5m From IPO
Singapore-based rigging and lifting solutions provider to the offshore oil and gas industry, Gaylin Holdings, plans to raise net proceeds of $35.4 million through a listing on the Mainboard of the Singapore Exchange. The group launched its initial public offering (IPO) of 110 million new shares at $0.35 each yesterday. Of these, 5 million offer shares will be open for public subscription while the remaining 105 million are placement shares. Post IPO, this offering will make up 26.8 percent of the group's enlarged share capital of 410 million shares. This is assuming that CIMB Securities, underwriter and placement agent for the IPO, does not exercise an over-allotment option Gaylin has granted it. The option allows for the subscription of up to 22 million additional shares, or not more than 20 percent of the new shares.
Significance: Going forward, the company...