Second time lucky for Sembcorp

Almost a year to the day since its last failed equity offering, Singapore''s Sembcorp Industries secures an S$346.5 million ($190 million) share placement.

With Deutsche Bank as lead manager, a 186 million primary share deal was priced after New York's open last night Thursday at S$1.62 and saw the immediate exercise of a 27.9 million share greenshoe. Pricing represented a 3.5% discount to the stock's S$1.68 close Wednesday before it was suspended, but the addition of a warrants offer increased the effective discount to 6.32%.

Investors were offered one warrant for every two shares at 107% of the exercise price to give a price of S$173.34. Observer report that the deal closed 3.6 times oversubscribed, with a retail offering initially set to represent 6% of the total scaled back to 3%. DBS Bank was co-lead.

Given its...

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