22-September, I posted that SembCorp will be launching an IPO on Muscat Securities Market (Oman) on August 28, 2013. And I highlighted the listing price (bolded) at approximately $5.17. Thing like this, if that counter price is too low, there will always be someone out there pushing up the price close to its listing value or even higher. We see that on SembCorp. Its price went above $5.17 as its IPO closed on 26-September which was oversubscribed with strong levels demand from investors across the Sultanate, the GCC and Europe, raised around OMR53 million (approximately S$173 million), making it the biggest share offer in Oman so far in 2013. It is expected to commence trading of its shares on or around 10-October 2013.
Prior to the listing, Sembcorp Salalah was 60% owned by Sembcorp’s wholly-owned subsidiary Sembcorp Utilities, 35% owned by Oman Investment Corporation (OIC) and 5% owned by Bahrain- based BDCC Investment Company. Post-listing, Sembcorp Utilities now holds a 40% stake in Sembcorp Salalah, while OIC and BDCC hold 21.9% and 3.1% respectively. Following the IPO, Sembcorp will recognise a total gain of approximately S$117 million, comprising a S$37 million gain on its 20% equity interest sold through the IPO and a fair value gain of S$80 million on re-measurement of its remaining 40% equity interest in the company. We should be seeing an increase on their EPS for their full year financial report.
Now, let's look at their price. They have couples of resistant out there. The first resistant is at 5.42. Can they break? Couples of things to watch out. Commencing trading on 10-October, STI and their third quarter performance. Watch out Sembmarine too. As it contribute a huge amount inside the SembCorp financial report.
Prior to the listing, Sembcorp Salalah was 60% owned by Sembcorp’s wholly-owned subsidiary Sembcorp Utilities, 35% owned by Oman Investment Corporation (OIC) and 5% owned by Bahrain- based BDCC Investment Company. Post-listing, Sembcorp Utilities now holds a 40% stake in Sembcorp Salalah, while OIC and BDCC hold 21.9% and 3.1% respectively. Following the IPO, Sembcorp will recognise a total gain of approximately S$117 million, comprising a S$37 million gain on its 20% equity interest sold through the IPO and a fair value gain of S$80 million on re-measurement of its remaining 40% equity interest in the company. We should be seeing an increase on their EPS for their full year financial report.
Now, let's look at their price. They have couples of resistant out there. The first resistant is at 5.42. Can they break? Couples of things to watch out. Commencing trading on 10-October, STI and their third quarter performance. Watch out Sembmarine too. As it contribute a huge amount inside the SembCorp financial report.
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