Malaysia Parkson Holdings – Singapore IPO 3 Nov 2011
The Asian retail arm of Malaysia”s Parkson Holdings is set to raise S$138.1 million ($108.2 million) in its Singapore IPO for mainboard listing.
The company is selling 147 million shares; 80 million of which are new shares and 67 million vendor shares offered by its shareholders, at 94 cents each, pricing it at the lower end of an indicative price range of S$0.935 to S$1.07.
The indicative price range is 12.4x to 14.2x the expected earnings for calendar year 2012. Its parent Parkson Holdings has a 12-month forward price-to-earnings ratio (PER) of 20.3x, compared with a sector median of 19.9. Parkson Retail had net assets of S$140.3 million as of June 30, its net profit of S$35 million, an increase of 64% from a year earlier.
Parkson Retail Asia Limited is a departmental store operator with a network of 50 stores across in Malaysia, Vietnam and Indonesia. Its operates 36 departmental stores in Malaysia and seven in Vietnam. The company incorporated Parkson Retail Asia in Singapore in March. in June, it completed the purchase of Indonesia’s PT Tozy Sentosa, which owns the coountry’s Centro department stores, for $128 million.
Parkson established itself as a retail player in high-growth economies in South-east Asia. The listing on the Singapore mainboard will provide a platform for the company to expand its operations further and leverage on the growing retail demand in Asia.
The company expects net proceeds of S$69.2 million and intends toi use it for store expansion in the region, investment in information technology and maintenance capital expenditure.
Parkson’s IPO will close at noon on Nov 1. Trading of the shares is expected to start on Nov 3.
Got anything to say? Go ahead and leave a comment!
- Straits Times Index (STI Outlook for 21/11/2011 to 25/11/2011)
- Olam International Limited announced the proposed acquisition of 100% of equity interests in the Progida Group
- Genting profits up 8.3% in Q3
- Noble Group Share Price
- Three Billion New Capitalists: The Great Shift of Wealth And Power to the East
- Inside Job
- Ichimoku Basics
- Singapore Stock Market Screener 07/11/2011
- Genting HK (Poised for further upside)
- Ezra (Forming Bearish Flag Pattern)
- Straits Times Index (STI Outlook for 08/11/2011 to 11/11/2011)
- Bond Report: Treasurys fall on Greek news, ECB cut
- Biosensors International Group: Further market share penetration (OCBC)
- UOB: Looking attractive again (OCBC)
- Stock Market Analysis 02/11/2011