Mewah: IPO 1.9 times subscribed. Public tranche oversubscribed 12.7 times, expected to debut at 9am today. Total offering of 251.7m shares, raising a total of $276.8m, with interest of 315.6m from private placement and 159.8m from public offer. A total of 1.5b shares are listed and its mkt cap, based on price of S$1.10, is approx $1.7b upon listing today…
Mewah may fall on debut, given subdued response and weak mkt sentiment, 1.9x subcription on the low side compared to other IPOs recently. Price is approx 15.3x of annualized earnings from 1H10. Peers such as trade at 18x-20x currently. Free float is approx 16.7% of mkt cap.
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