OEL IPO raised a stunning S$72m in gross proceeds

Funds will go to new campus.

Overseas Education Limited (OEL), the holding company of Overseas Family School Limited (OFS), announced that its initial public offering (IPO)of 125,000,000 new shares priced at S$0.48 each has attracted strong investor demand from the market and was oversubscribed.

Due to the overwhelming response from institutional investors, the joint underwriters for the IPO have over-alloted 25,000,000 Shares, all of which were allotted to the placement. In total, 150,000,000 shares (including 25,000,000 over-allotment shares) were fully subscribed, with gross proceeds raised of S$72 million.

Trading of OEL’s shares is expected to commence on a “ready” basis on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) at 9.00 am on 7 February 2013. United Overseas Bank Limited (UOB) is the Issue Manager of the IPO. Both UOB and UOB Kay Hian Private Limited (“UOBKH”) are the Joint Underwriters and Joint Placement Agents of the Invitation.

Commenting on the investors’ positive response, Executive Chairman and CEO, Mr David Perry said, “We are heartened by the strong confidence that investors have shown in OEL’s equity story. Moving forward, we are optimistic about our prospects and will work towards what we have set out to do in terms of future plans.”

OEL plans to use all of the net IPO proceeds for the building of a new school campus. The Group has set aside S$60.0 million from distributable profits to part finance the new school campus. In addition to that and the net proceeds of the Invitation, OEL will require additional funding via bank borrowings and/or equity funding for the construction of the new school campus.

OEL’s policy is to pay dividends of at least 50.0% of the Group’s net profit after tax to Shareholders for each financial year.

Also Read

Over two-thirds of S’poreans embrace tech and AI-driven change in the workplace

Lack of career progression, not pay, now drives Singapore job exits

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit