Infinity Development Holdings raises $13.7m in SGX listing

Its post-placement market capitalisation is $123.5m.

Infinity Development Holdings Company Limited has successfully listed 35.1 million new shares at the Singapore Exchange Securities Trading Limited (SGX-ST).

The company raised a total of $13.7m in its listing, with a placement price of S$0.39 per share, according to a bourse filing.

The company’s post-placement market capitalisation is $123.5m.

Institutional investors who subscribed to the listing include ICH Ascend Open Master Fund VCC, Rockstead Assets Management VCC, Ginko-AGT Global Growth Fund, and Asdew Acquisitions Pte Ltd.

Infinity Development Holdings is engaged in the manufacture and sale of adhesives, primers, hardeners, and other adhesive-related products mainly used by footwear manufacturers. Its brand of adhesives includes Zhong Bu and Centresin, which are mainly manufactured and sold in Vietnam, Indonesia, Bangladesh, and the PRC.

The group said that it aims to cement its position as a leading footwear adhesives supplier in Asia.

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