Bulk of Asian companies are chasing to plan for secondary listings in Singapore. If the deals go well, they will have more expectations to follow up. Carsome Group, Malaysian used-car marketplace is one of the companies enlisting in the second round. Emperador, NIO, and OFI are some of them too.
In order to attract institutional investors and gain more visibility, Philippine stock exchange Emperador is eyeing Singapore. NIO, a Chinese electric vehicle company, also plans for a secondary listing due to their concern over China-US tensions. OFI (Olam Foods Ingredients) also joins the listing as early as possible to engage more with locally listed Olam International shareholders.
Philippines’ Emperador, the liquor company giant plans to put a $739m secondary listing on SGX. Andrew Tan, owner of Emperador is highly ready. Carsome also pours $170m of equity from investors including MediaTek at a valuation of $1.3bn.
IHH Healthcare, Hong Kong Land Holdings, Lonza Group and Nomura Holdings, are five epitomes of the current 27 companies in SGX listings. It seems like SGX secondary listings are highly desirable for neighboring Asians.
There is no certainty regarding how big and when the listing will open. But the London listing is now open too. It gains attractions for major businesses. Citigroup, HSBC, JP Morgan, Credit Suisse, Deutsche Bank, Bernberg, BNP Paribas, and Mizuho are working for London listing.
However, SGX secondary listing is attractive as well. This is because SGX listings do not burden the members to follow minimum free-float requirements. They are only required to have a minimum of 500 Singaporean shareholders. ECM bankers are confident that SGX secondary listings will be more popular.
