Sincere times IPO

Singapore''s Sincere Watches spins off Hong Kong unit to fund China expansion.
Singapore’s Sincere Watch Limited SWL will spin off its Hong Kong unit and list the subsidiary on the main board of the Hong Kong Stock Exchange. Sincere Watch Hong Kong Limited SWHK, the long-term exclusive distributor of the Franck Muller brand locally, will attempt to raise between HK$79 million to HK$107 million from the main board listing to fund brand recognition and its push into the Mainland China market. The listing entails an offer of 102 million new shares, of which 91.8 million are designated for private placement. The remaining 10.2 million will be offered directly to the public. Running from 30 September to 5 October, the public offer is based on...

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