Singapore’s Jackspeed Corporation Ltd has said it expects to raise S$8.5 million ($4.9 million) from its initial public offering (IPO) of 39.6 million shares at S$0.30 ($0.17) each, which closes today.
The company, which is a supplier of leather components for automobile interior seating and trim, opened the offer November 11 2003. The stock will begin trading on the Singapore Stock Exchange’s main board, this Wednesday.
A total of 3.96 million shares are on offer to the public and another 35.64 million to institutional investors, including 3.96 million reserved for independent directors, employees and business associates.
Around S$4.4 million of the net proceeds will be used for expansion in China, Malaysia, Thailand and Europe. The rest will be reserved for developing the firm’s aviation and marine businesses, as well as for working capital purposes.
For the fiscal year ended February 28 2003, Jackspeed’s net profit surged 79% to S$2.85 million ($1.7 million) and revenues increased 30% to S$23.7 million ($13.8 million).
