noble-group-placement-downsized-to-126-million

Noble Group placement downsized to $126 million

The initial top-end target is cut in half as investors put in smaller orders than anticipated.

Hong Kong commodities trading company Noble Group yesterday announced that it had raised S$183.9 million $126 million in a placement on Monday night. Although the deal shows that investors have regained some appetite for exposure to the commodities sector, the offering had to be downsized from its original top target size of $250 million.

The final size comprised 121 million shares, of which 84.7 million were new. The remaining 36.3 million were secondary shares sold by major shareholder Noble Temple Trading Inc NTTI, which is owned by Noble Holdings. The shares represent 2.62% of the company.

The shares were offered with a price range of S$1.52 to S$1.58 and priced at S$1.52, representing a...

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