HRnetGroup pre-markets Singapore IPO

Non-Japan Asia gets its first benchmark flotation of a recruitment services firm.

HRnetGroup has launched pre-marketing for a Singapore initial public offering that will represent the first major flotation of a recruitment services firm in Asia outside Japan.

The prospective deal should also provide much-needed diversification for the Singapore Stock Exchange, which has struggled to find companies beyond the property and oil gas sectors in recent years. The cancellation of a S$190 million deal $134 million for food group Viz Branz in late March did not help in this respect. 

HRnetGroup's all-primary-share IPO is shaping up to be of a similar size, with syndicate research assigning a fair value range between S$843 million and S$1.33 billion....

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