The completion of a S$684 million $393 million IPO for SingPost on Wednesday has exceeded all expectations, with pricing coming in at the very top end of the indicative range. And while most flotations would normally incorporate some form of IPO discount, SingPost did not have to cede a single cent even to the most optimistic end of syndicate fair value assumptions.
Company management and lead managers DBS and UBS Warburg are likely to consider this a remarkable achievement given the lack of formal roadshows and difficulties of completing any kind of equity deal in the current market environment.
The 1.14 billion share deal represents a spin-off from partially...
