Kin Global IPO sees demand rise fourfold ahead of SGX listing

It received heavy retail response with public tranche oversubscribed at 29.5x ahead of debut.

Kin Global Limited will list on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX) on 23 April at 9 a.m. under the stock code “KIN,” following an initial public offering (IPO) that was about 4.0 times subscribed.

The company said in a press release that it issued about 24.93 million invitation shares at $0.23 each, comprising 1 millionpublic offer shares and 23.93 million placement shares.

The IPO received 419 valid applications for 29.53 million shares, resulting in 29.5 times subscription.

The placement tranche received indications of interest for 69.55 million shares, equivalent to about 2.9 times subscription, excluding shares allocated to specified persons under Catalist rules.

Cornerstone investors subscribed for 19.17 million shares at $0.23 each, worth about $4.4m, the press release said.

They include Amova Asset Management Asia Limited, Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Ginko-AGT Alpha Fund VCC (acting for Ginko-AGT Global Growth Fund), ICHAM Master Fund VCC (acting for Ploutos Fund III), Qilin Wealth Fund Pte. Ltd., and Rudolf Jurgen August Rolles.

The company raised net proceeds of about $7.37m from the invitation and cornerstone tranche.

Kin Global said it will use most of the proceeds for mergers and acquisitions, investments, joint ventures, strategic alliances, and partnerships to expand in the events tourism sector, with the remainder allocated to working capital, including participation in tenders and larger contracts.

Kin Global operates as a sports events management company in Singapore.

The company plans to expand its capabilities in sports event delivery, strengthen its workforce in event development, content creation, design and production, and increase marketing to support project pipeline growth.

SAC Capital Private Limited acted as issue manager, sponsor, underwriter, and placement agent for the offering, whilst Maybank Securities Pte. Ltd. and Moomoo Financial Singapore Pte. Ltd. acted as sub-placement agents.