Parkson IPO

Parkson Asia goes ahead with Singapore IPO, but cuts size

Parkson Asia, an operator of department stores in Southeast Asia, is seeking to raise up to $124 million ahead of a listing in early November.
<div style="text-align:left;">
A Parkson department store in Kuala Lumpur (AFP) </div>
<div style="text-align:left;"> A Parkson department store in Kuala Lumpur (AFP) </div>

Parkson Retail Asia is pushing ahead with its initial public offering in Singapore after securing a handful of anchor orders and what sources described as a “reasonable shadow book”. However, the size of the offering has been reduced compared to earlier indications and the company is now looking to raise between S$137 million and S$157 million $108 million to $124 million.

During the investor education stage bankers talked about a deal size of about $200 million, but feedback from investors has prompted the issuer to lower its valuation targets. It has also decided to issue slightly fewer new shares.

The company, which operates department stores...

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