Business

Fosrich IPO oversubscribed by $100M

Wednesday, December 06, 2017

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Distributor of lighting, electrical and solar energy products, FosRich Company Ltd, received more than $100 million in surplus applications from its initial public offering on Monday.

The offer which was aimed at raising a little over $200 million closed a minute after opening at 9:00am on December 4. Fosrich offered a total of 100,455,111 shares valued at a total of $2.00 per share or 20 per cent of the company.

Lead broker for the deal Stocks and Securities Ltd (SSL) said the company is now determining the basis of allotment of the shares in accordance with the terms and conditions set out in the prospectus.

Fosrich intends to use the proceeds of the IPO to expand the capacity of the company, specifically the expansion of its industrial electrical and energy solutions division. The lighting distributor anticipates that as the country's construction sector continues to expand there will be more demand of companies like FosRich to supply modern industrial inventory and services.

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