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Oct. 27 (Bloomberg) -- Parkson Retail Asia Pte., a unit of Malaysia’s Parkson Holdings Bhd., raised S$138.2 million ($110 million) in an initial public offering in Singapore, two people with knowledge of the matter said.
The company sold 147 million shares at S$0.94 a piece, close to the low end of the S$0.935 to S$1.07 range at which the shares were marketed to investors, said the people, who asked not to be identified as the details are private. It has the option to expand the IPO by 22 million shares.
The department store operator has 50 outlets, including one supermarket, across Malaysia, Vietnam and Indonesia, according to its prospectus. Parkson Retail, based in Singapore, plans to use proceeds from the IPO to open new stores in Indonesia, Malaysia, Vietnam and Cambodia.
Parkson Retail plans to pay dividends of between 40 percent and 50 percent of its distributable profits, according to the IPO prospectus. The company posted a S$35.8 million profit in the 12 months through June, up from S$22.4 million a year earlier.
HSBC Holdings Plc is the sole global coordinator for the offering and CIMB Investment Bank Bhd is a joint underwriter.
--Editors: Mohammed Hadi, Philip Lagerkranser
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