Infinity Development Holdings has completed the placement of 35,100,000 new shares on the Catalist board of the SGX-ST, raising gross proceeds of $13.7 million.
The placement was priced at 39 cents per share, and attracted subscriptions from a range of institutional investors including ICH Ascend Open Master Fund VCC, Rockstead Assets Management VCC, Ginko-AGT Global Growth Fund and Asdew Acquisitions.
Based on the placement price and the post-placement share capital of the company of 316,775,538 shares, Infinity Development Holdings’ post-placement market capitalization is $123.5 million.
The company is primarily engaged in the manufacturing and sale of adhesives, primers, hardeners, and other adhesive related products used by footwear manufacturers.
It has been listed on the mainboard of the Stock Exchange of Hong Kong (HKSE) since 2010, and subsequent to this listing on the SGX-ST, will be dual primary listed in both Singapore and Hong Kong.
Xandar Capital is the sponsor and issue manager, and KGI Securities (Singapore) is the placement agent for the listing.
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Infinity Development Holdings aims to cement its position as a leading footwear adhesives supplier in Asia by building upon its existing competitive strengths, which includes leveraging the management team’s ability to execute business strategies.
The group says that it will selectively expand its geographical presence within Asia through both organic and inorganic growth opportunities. This approach will focus on markets where its expertise, product capabilities and stakeholder relationships can be effectively deployed to deliver long-term returns.
The trading of shares will commence at 9am on Dec 3 under the ticket symbol ZBA.
