China-based property developer Debao launches IPO

China-based Debao Property Development has launched its initial public offering in hopes of raising about S$48 million.

It is offering 138 million shares at S$0.43 each.

Only 1.5 million shares have been set aside for the public, while the rest will be placed out.

Debao said it plans to use the net proceeds to fund existing property development and buy new sites and investment properties.

The offer opens at 9am on April 1 and will close at 12 noon on April 8.

Trading is expected to start on April 12.

Source : Channel NewsAsia – 31 Mar 2010

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