TEE Land

TEE Land: Its 115m IPO shares at $0.54 per share were 2.6x oversubscribed, with the public tranche of 6m shares having a 31x oversubscription. Substantial applicants who subscribed for and were allotted more than 5.0% of the Invitation Shares are Mr. Koh Wee Meng (Fragrance group), Mr. Lim Chye Huat (Haiyi Holdings) and Mr. Chua Thiam Chok. TEE Land intends to use the IPO proceeds of $57.8m for new property development projects/ investments ($26m), repayment of loans to TEE International ($15m), repayment of bank loan ($6m) and the balance for general working capital. Home-grown property developer is looking to have a balanced portfolio of projects aross the region and in different segments. Capital value of TEE Land's current proerty portfolio stands at $394.6m, with the completion of 6 developments, the launch of 10 developments which are currently in construction, and an interest in 8 developments that have not been launched. Based on issue price of $0.54 per share, TEE Land will be trading at 116.8x trailing P/E and 1.7x P/B post-IPO.