Civmec: new IPO (priced at $0.40/sh) to debut this morning.
The 2m offer shares available to the public was oversubscribed by 58x.
99m placement shares were validly subscribed for.
Based on the total Invitation size of 101m invitation shares, the invitation is ~2.13x subscribed.
The civil-engineering firm sold 51m new shares and 50m vendor shares at $0.40 each, raising $46.4m, to raise funds for capex and possible acquisitions.
DJ News notes Civmec will make its trading debut amid strong market sentiment, a day after much-larger Indonesian palm oil company Bumitama Agri made a spectacular debut yday, rising 32% from its IPO price.
In addition, the broader market is expected to post gains.
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