Serrano's $3.6m Catalist public offering 1.3 times subscribed

SINGAPORE - Interior furnishing firm Serrano said its initial public offering (IPO) was 1.3 times subscribed, indicating strong investor interest.

Serrano sold 30 million shares at 23 cents each for its listing on Catalist, which is set to debut on Tuesday.

It is raising net proceeds of about $3.6 million.

As at the close of the IPO at noon on Thursday, there were 278 valid applications received for the 1.5 million offer shares available to the public.

In total, about 11.4 million offer shares were applied for by the public.

All of the 28.5 million placement shares were also validly subscribed for and purchased.

Serrano chief executive Winston Chia said the strong interest is a vote of confidence in the firm's strong fundamentals and investment merits.

"Backed by our strong order book of $69.7 million as at Sept 15, we will continue to grow our business in Singapore and Southeast Asia."

Based in Singapore, Serrano has set its sights on making further inroads into the emerging markets of Southeast Asia, particularly, Myanmar, Thailand, Cambodia and Vietnam.

The firm plans to use the net proceeds from its IPO to raise its overseas market penetration, make investments, acquisitions, strategic alliances and joint ventures, as well as for general working capital.