Tiger Airways sees huge response to IPO

Guest Writer

Singapore, 18 January 2010 - Tiger Airways Holdings Limited today announced the close of the public offer in Singapore relating to its initial public offering (“IPO”) and listing on the Main Board of the Singapore Exchange. 

At the close of the Singapore public offer on 18 January 2010 at 8.00 a.m., 27,072 valid applications were received for approximately 260.1 million Offering Shares, resulting in the Singapore public offer tranche being approximately 21.0 times subscribed.

With respect to the international offering or placement tranche, the indications of interest received amounted to approximately 683.6 million Offering Shares, resulting in the placement tranche being approximately 4.5 times subscribed.

The Offering Shares have been priced at S$1.50. A total of approximately S$247.7 million in gross proceeds have been raised from the IPO, of which approximately S$233.3 million will go to Tiger Airways. Based on the Offering Price of S$1.50, Tiger Airways will have a market capitalisation of S$781.3 million at listing.

Commenting on the response to the IPO, President and Chief Executive Officer of Tiger Airways, Tony Davis said, “We are absolutely delighted with the response to this IPO from both the retail investors in Singapore and major global institutional investors. We believe that the significant demand for shares in Tiger Airways from investors around the world is a strong vote of confidence in our low-cost business model and the growth potential of Tiger Airways. 

Going forward, we aim to continue growing our airlines in Singapore and Australia as well as establishing new airlines in additional markets in Asia. Tiger Airways is well-positioned to leverage the opportunities for growth in air travel in Asia and Australasia, the fastest growing aviation market in the world.” 

The Shares will be traded in Singapore Dollars and are expected to commence trading on the Main Board of the SGX-ST at 9:00 a.m. on Friday, 22 January 2010. Further details on allotments and/or allocations will be published in one or more of the major Singapore newspapers and announced through a SGXNET announcement posted on the Internet at the SGX-ST website http://www.sgx.com prior to the listing of the Shares on the SGX-ST. 

Citigroup Global Markets Singapore Pte. Ltd. is the Joint Global Coordinator, Joint Lead Manager, Joint Bookrunner, Joint Issue Manager and Joint Underwriter; Morgan Stanley & Co. International plc is the Joint Global Coordinator, Joint Lead Manager, Joint Bookrunner and Joint Underwriter; Morgan Stanley Asia (Singapore) Pte. is the Joint Issue Manager and Joint Underwriter; and DBS Bank Ltd. is the Joint Lead Manager, Coordinator of the Singapore Public Offer and Joint Underwriter for the IPO.

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