Singapore exchange lists itself

The IPO for Singapore Exchange (SGX), the city-state''s stock and futures market, has been priced at the top end of its indicative range after better than expected institutional demand.

With books for the international offer said to have closed on Tuesday about 15 times ovesubscribed, the Merrill Lynch and DBS-led deal was priced yesterday Wednesday at S$1.10 per share, raising S$470 million $269 million.

Institutional investors will be allocated 190 million of the 278 million shares on offer, with employees receiving 13 million and retail investorsĀ 75 million in a public offering scheduled to close on November 21. Alongside the placement tranche, there is also...

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