Grand Venture Technology IPO fully subscribed

A Singapore 10-dollar note Photo by Leslie Shaffer

Grand Venture Technology, or GVT, said on Tuesday that its initial public offering (IPO) met with strong support and was fully subscribed.

It offered 42.918 million new shares priced at S$0.275 each, comprising 800,000 shares for public subscription and 42.118 million shares for placement, it said in a filing to SGX after the market close on Tuesday.

The shares were around 1.3 times subscribed, it said.

Trading in GVT’s shares is set to begin on Wednesday on the Catalist board at the market open, it said.

CIMB Bank Singapore branch was the sponsor and issue manager for the IPO, while CGS-CIMB Securities (Singapore) is the underwriter and placement agent, it said.

GVT provides precision engineering, assembly, testing and product-life-cycle management services for manufacturing complex precision machining and sheet metal components and modular assemblies, the filing said.

“GVT believes it is one of a few businesses in Southeast Asia that is able to undertake precision ceramic and quartz machining activities,” it said.

It has a diversified customer base across the semiconductor, analytical life sciences, electronics and other industries, with facilities in Singapore, Penang in Malaysia, and Suzhou in China, GVT said.

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