Equity: Uni-Asia Prices Singapore IPO Amid Market Volatility

As Asia joins the global rout amid US sub-prime worries, Uni-Asia Finance Corporation is pushing ahead with its plans to list on the Singapore Exchange despite the market volatility. The Hong Kong based structured finance arranger is offering 65.4 million new shares priced at SGD 0.55 (USD 0.36) a piece to raise net proceeds of SGD 32.2 (USD 21.0) million. The IPO, which includes a placement tranche of 62.1 million shares and a public tranche of 3.3 million shares, was launched on August 8 and would have been concluded at press time.

Four existing Uni-Asia shareholders – Mitsui & Co, Exeno Yamamizu, Yamasa Co and Founders Corporation will collectively subscribe 15 million shares on offer. Trading house Mitsui & Co is one of the world’s largest publicly traded companies who needs little introduction. Exeno Yamamizu belongs to one of the largest shipbrokers in Japan – Yamamizu Shipping Group while Yamasa is a renowned manufacturer of video game hardware and software. Founders Corporation as the name suggests is owned by Uni-Asia’s founders Mr. Kazuhiko Yoshida and Mr. Michio Tanamoto. Both banking veterans have over 26 years of experience in corporate loan syndication and structured finance arrangement.

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