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Hong Leong-backed real estate firm launches IPO of 34.05 million shares at $1.50 per share

Published on Jul 10, 2014 6:12 PM

A PROPERTY developer with links to Hong Leong Group is launching an initial public offering (IPO) on the mainboard of the Singapore Exchange.

First Sponsor Group, a developer and owner of residential and commercial properties in China, launched its IPO of 34.05 million shares at $1.50 per share on Thursday.

The company said in a statement that it is also a provider of property financing services with a focus in Shanghai.

At the IPO price of $1.50, with a post-invitation share capital of 589,814,949 shares, the estimated net proceeds will come in at about $59.7 million.

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