Local Lamborghini dealer launches IPO at 28 cents per share

Homegrown luxury car dealership EuroSports Global launched its initial public offering (IPO) on Tuesday at 28 cents per share.

The company, which is the sole dealer of Lamborghinis and other premium car brands here, will issue 80 million shares to raise net proceeds of $8.46 million.

The offer makes it the first firm to seek a listing on the Singapore Exchange's Catalist board this year.

Of the 80 million shares, 1.5 million will be made available to the public, with the remaining 78.5 million set aside for placement.

These shares will represent about 30.2 per cent of the company's enlarged share capital, and the founding Goh family will retain ownership of the 69.8 per cent.

EuroSports Global will also distribute a one-time special dividend of $6 million to $8 million to its shareholders if it completes a sale and leaseback deal for its site at Teban Gardens Crescent.

The IPO is open until 12 noon on Jan 15 and trading is expected to commence on Jan 17 at 9am.