Novena IPO Subscribed 6.5 Times

By Andrea
Dec 16, 2000
The Business Times

SESDAQ-BOUND furniture group Novena Holdings said yesterday the public tranche of its initial public offering was subscribed 6.5 times. As at the close of the IPO on Thursday, there were 451 successful applications for the 1.1 million public offer shares priced at 23.5 cents each. Applications were received for 7.15 million shares. The IPO also comprised 7.15 million placement shares that were 1.2 times subscribed, plus 2.75 million shares for management, staff and business associates, which were fully taken up. The shares will start trading on a ready basis on Monday.