Baring PE Asia in new attempt at Courts IPO

Courts lodged a preliminary prospectus with the Monetary Authority of Singapore last week. JF Asset Management, New Silk Road Investment, Target Asset Management and Value Partners Hong Kong have agreed to participate as cornerstone investors, alongside CEO Terence O'Connor and CFO Kee Kim Eng.

HSBC will serve as global coordinator, bookrunner, underwriter and issue manager for the IPO, while UOB Kay Hian coordinates the public offering.

Courts has 13 stores in Singapore and 57 in Malaysia. Over the next 2-3 years it plans to add an average of six outlets per year in Malaysia and one per year in Singapore. The company also wants to enter Indonesia and expects to open its first store in Jakarta in 2014.

Courts reported revenues of S$724.2 million ($587.8 million) for the year ended March 2012, up 7.4% year-on-year. Net profit increased 2.2% to S$39.4 million.

Asia Retail Group acquired a 54.2% stake in Courts in 2007 for S$56.2 million and purchased the remainder of the company in 2008. Before its privatization, Courts was listed on both the Singapore and Malaysian exchanges.

Prior to attempting the IPO in 2010, Baring put courts on the block for $300 million, but there were no takers. Last year it attempted another trade sale, with Hong Kong conglomerate Swire reportedly interested in acquiring the asset for around $400 million. However, no deal emerged.

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• Topics
• Exits
• Consumer
• Southeast Asia
• Buyout
• Baring Private Equity Asia
• IPO
• Exit
• Singapore
• Southeast Asia
• Consumer