The Asian retail arm of Malaysia's Parkson Holdings is set to raise S$138.1 million ($108.2 million) in its Singapore initial public offering, according to its prospectus filed on Thursday. The company is selling 147 million shares - 67 million of which are existing shares - at S$0.94 each, pricing it at the lower end of an indicative price range of S$0.935-S$1.07.
Parkson Retail Asia Limited is a department store operator with a network of 50 stores across cities in Malaysia, Vietnam and Indonesia. The company expects net proceeds of S$69.2 million and intends to use it for store expansion in the region, investment in information technology and maintenance capital expenditure. Parkson Retail Asia reported net profit of S$35 million for its 2011 fiscal year ended June, an increase of 64 percent from a year earlier. HSBC is the sole global co-ordinator. It is also the underwriter along with CIMB.