One on, one off in Singapore

Singapore web portals AsiaOne and Catcha.com aren''t exactly setting the investment world on fire with their proposed IPOs, both of which are valued higher than analysts consider justified.

 

In Singapore, two internet listing candidates offer a divergent example of what has become of the new economy IPO fervour. SPH AsiaOne, the internet arm of  newspaper monopoly Singapore Press Holdings, is moving forward with its IPO on the Singapore Stock Exchange, pricing the shares at S$0.60, while smaller rival Catcha.com is postponing its listing until the market improves.

AsiaOne plans to sell 148 million shares to raise S$88.8 million $51.3 million. It had set a price range of S$0.60-S$0.80. Even at the low end, some analysts say the price is higher than the company's growth potential warrants. Catcha.com hoped to list its shares at between S$0.80...

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