Spring FG IPO oversubscribed
Diversified financial planning and wealth management group Spring FG's initial public offering (IPO) of shares has been oversubscribed, well ahead of its planned closing date.
The initial offer was for 13,333,333 Shares at $0.30 each in a bid to raise $4,000,000.
With strong demand from both retail and institutional investors, Spring FG said it has hit its target and the indicative market capitalisation of the company at its offer price is $34,186,526.
The company is now expected to begin trading on the Australian Securities Exchange on 2 March.
"Our goal is to accommodate as many new shareholders as possible so as we work through the next steps of settlement and allotment we'll be endeavouring to avoid a scale back of retail investors," Spring FG managing director, Mr Keith Cullen, said.
"With continued consolidation happening in the industry Spring has an opportunity to emerge as a significant player."
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