Singapore’s Unusual more than doubles IPO price
Singaporean promoter and production company Unusual Limited today more than doubled its share price in its first day as a public company.
Unusual, whose stock market launch, or initial public offering (IPO), was priced at S$0.20 per share, ended its first day of trading on the Singapore Exchange (SGX) at $0.435 per share, delivering a 117.5% premium to shareholders. Its market capitalisation stands at S$280 million, roughly US$199m.
The company was acquired by mm2 Asia, a major film and TV studio, for S$26m last February, turning the combined operation into the “largest entertainment group in Singapore”, said mm2 CEO Melvin Ang at the time.
“We are grateful for the fantastic support we have received from our shareholders, with whom we share this milestone,” comments Leslie Ong, Unusual’s CEO and executive director. “Even with our new status as a listed company, we will continue to do what we know best. By leveraging on our expertise, market knowledge, network and relationships, we aim to bring more quality events and concerts that will entertain and excite a broad range of target audience.”
“Unusual’s listing will provide investors an opportunity to invest in the region’s growing entertainment and lifestyle industry”
SGX’s Mohamed Nasser Ismail adds: “We are very excited to welcome Unusual Limited, one of Singapore’s well-known names in events and concert production, bringing large-scale events and concerts by renowned international artists to Singapore and the wider region.
“Unusual’s listing will provide investors an opportunity to invest in the region’s growing entertainment and lifestyle industry, and we look forward to supporting the company as it expands its footprint in overseas markets.”
Unusual’s promotion division, Unusual Entertainment Pte Ltd, is active in Singapore, Malaysia, China, Hong Kong and Macau. Its current tours include Singapore dates by Mandopop stars Ronghao Li and Eric Moo.
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