Baring-backed Courts Asia targets $112m IPO
Baring Private Equity Asia (BPEA) portfolio company Courts Asia has launched its Singapore IPO with a view to raising S$137 million ($112 million). The electronics and furniture retailer is offering 178 million shares, of which 60 million are new shares, at a price of S$0.77 apiece, the top end of the indicative price range, due to strong support from institutions. The company is scheduled to begin trading on September 15.
According to the prospectus, four cornerstone investors - JF Asset Management, New Silk Road Investment, Target Asset Management and Value Partners Hong Kong - are taking up 44% of the offering, with CEO...
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