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Starland holdings IPO

Starland holdings IPO

SINGAPOREAN-OWNED property developer Starland Holdings yesterday launched its IPO for a Catalist listing, aiming to raise about $4.9 million from the issue of 22.2 million new shares at 22 cents apiece.

It plans to use the estimated net proceeds of $3.1 million for the acquisition of a land bank and for general working capital.

The 22.2 million new shares on offer represent about 15.3 per cent of Starland’s post-placement share capital of 144.7 million shares.

The IPO is priced at a historical price-earnings ratio of about 14.2, based on an earnings per share of 7.79 fen (1.54 Singapore cents) and a pre-placement issued and paid-up share capital of 120 million shares.

Starland Holdings develops integrated residential and commercial properties in Fuling District, in China’s Chongqing Municipality. The demand for homes is growing at a steady pace, especially from first-time buyers and upgraders, due to rapid urbanisation.

Starland’s first completed property development, University Town, is located beside Yangtze Normal University and is targeted at the mass market.

It is currently building its second and third property developments in Fuling as well. These are targeted at the mid- to high-end, and high-end markets respectively.

For the financial year ended Sept 30, 2011, Starland’s revenue was 77.7 million yuan (S$15.4 million), with a net profit of 9.3 million yuan. Its cash and bank balances stood at 11.7 million yuan, with zero gearing.

The placement will close at 12 noon on April 25 and trading of shares should begin on April 27.

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