The latest entrant to seek junior market listing, tTech Limited is reporting a successful initial public offering. The issue officially opened at 9 on Wednesday morning and should have closed on December 18, 2015.
Edward Alexander CEO of the company informed the IC Insider that at 8 am the report from NCB Capital Markets the brokers to the deal had the level of over subscription at more than 300 percent with more applications coming in after. Reports to IC Insider indicated that the level of subscription was in excess of the offering at mid-day on Tuesday. The offering was for 25.65 million shares to raise $50,263,900.
Alexander disclosed that tTech picked up additional clients and garnered more business from existing ones after the IPO was priced.
At the same time the offering of CAC 2000 Limited was still open around 3 pm on the opening day but our informed source suggests that it could well be closed off before the day ends or by Thursday. The feedback is that the 2016 fiscal year should see increased revenues and profits from ongoing contracts and new ones. The issue is expected to raise $120,545,327 from 29 million shares on offer up $4.85 each. VM Wealth Management are the brokers to the CAC issue.
Over 300% over the top for tTech
December 16, 2015 by IC Insider.com
Filed Under: Feature Stories, Initial Public Offers, Stock Market Tagged With: NCB Capital Markets
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[…] tTech Limited public offering for shares in the company opened on December 16 and closed on the morning of the […]
[…] allocation formula for the recent Initial public offering of tTech shares which closed shortly after opening on Wednesday with more than 300 percent over […]