UnitedEng: Launch of IPO of UE E&C following today's registration at MAS of prospectus dated 15 Feb 2011. Offering will consist of 70m new shares at $0.48 per share, 60m of which will be offered to institutions and private individuals, the remaining 10m will be offered to the public. A greenshoe option of 10.5m shares, approx 15.0% of the offering, can be exercised if necessary…
The offering will be handled by OCBC, the underwriter and stabiliser of this IPO. Size of offering is approx $38.6m including the option and mkt cap of UE E&C will be approx $134.6m. Co will retain a majority stake of 68.2% post-listing, and 65.6% if option is exercised. The IPO opens on 16 Feb 9am and closes on 22 Feb 12 noon.
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