HRnetGroup going for $175m IPO
HRnetGroup, Singapore's largest recruitment firm, yesterday lodged a preliminary prospectus for a listing on the Singapore Exchange mainboard, with plans to start trading on June 16.
The group expects to raise up to $175 million by issuing 194 million new shares at between 80 and 90 cents per share, according to a term sheet seen by The Straits Times.
These figures were not included in the preliminary prospectus lodged with the Monetary Authority of Singapore.
If demand is strong enough, an extra 11 million shares, or 1.1 per cent of the enlarged share capital, may be offered.
This works out to an estimated market cap of up to $910 million, or up to $920 million if the over-allotment option is exercised.
More than 50 per cent of the total offer size has already been taken up by seven cornerstone investors.
That leaves 84 million placement shares and 6 million shares on offer to retail investors.
Cornerstone investors include Aberdeen Asset Management, Affin Hwang Asset Management, Credit Suisse on behalf of certain private banking clients, FIL Investment Management (Hong Kong) and Meiji Yasuda Asset Management Company.
TechnoPro, one of Japan's largest technology-focused staffing and service companies, and Jasdaq-listed recruiter en-japan inc, are strategic investors.
HRnetGroup was founded by chairman Peter Sim who set up HRnet One in 1992, with two main businesses in professional recruitment and flexible staffing.
It operates in 10 Asian cities - Singapore, Kuala Lumpur, Bangkok, Hong Kong, Taipei, Guangzhou, Shanghai, Beijing, Tokyo and Seoul.
In Singapore, it has a market share of 20.5 per cent.