Tuesday, November 18, 2014
Trans-cab IPO: Having just launched its IPO less than a week ago to list on SGX, taxi operator Trans-cab has cancelled its IPO plans, highlighting that the decision was due to a new premium adjustment charges of ~$1.83m rendered by the group’s insurer against the group’s taxi fleet. Trans-cab guided that the group would need time to evaluate the new info alongside other insurance premium billings received in 2H14, and has thus decided not to proceed with its IPO at this point of time. The group had initially planned to offer 168m shares at a price of $0.68, to raise net proceeds of $97.8m, earmarked for use of the expansion of its taxi operations, diversification into other transport businesses, and working capital use. The initial proceeds received will be returned to applications within three market days from the discontinuation of the offering.