iFast Corp's IPO 12.4 times taken up

Lim Chung Chun, chairman and chief executive officer of iFAST Corporation. -- PHOTO: BT FILE
Lim Chung Chun, chairman and chief executive officer of iFAST Corporation. -- PHOTO: BT FILE

SINGAPORE - iFAST Corporation, an Internet-based investment products distribution company, said its initial public offering (IPO) was heavily taken up.

The company, with assets under administration of some $5.13 billion as at end September 2014, and the parent of Fundsupermart.com and iFAST Financial platforms, said that based on the total size of 32.8 million new shares, the offering was about 12.4 times subscribed.

The shares are expected to commence trading on the mainboard on Dec 11 at 9 am.

Mr Lim Chung Chun, chairman and CEO of iFAST Corporation, noted that the public offer and placement saw strong demand from the public and institutional and high net worth investors respectively.

"We are thankful for the confidence shown in us from investors," he said.

iFAST Corporation is expected to raise gross proceeds of about $49.2 million.

The proceeds will be used mainly for:

* mergers and acquisitions;

* the expansion of the group's business in the China market; and

* the enhancement of the group's product capabilities, IT and services.