Acted for iFAST Corporation Ltd., a SGX-mainboard listed company, in a recent placement exercise to raise proceeds of S$105 million
The corporate practice group of Harry Elias Partnership LLP has acted for iFAST Corporation Ltd. (“iFAST”), a SGX-mainboard listed company, in a recent placement exercise to raise proceeds of S$105 million under the terms of a placement agreements entered into on 11 January 2022 with CGS-CIMB Securities (Singapore) Pte Ltd as placement agent and iFAST Financial Pte Ltd as sub-placement agent. The placement shares were placed out at S$7.50 each, determined by an accelerated book-building process, which represents a 7.4% discount to the weighted average price for trades on the full market day on 7 January 2022. iFAST intends to utilise 100% of the placement proceeds to fund the acquisition of a UK digital bank to strengthen its current wealth management ecosystem, in line with its strategy to position itself for a highly digitised wealth management industry of the future.
iFAST is a leading Fintech wealth management platform in Asia with assets under administration of approximately S$14.45 billion. iFAST offers access to a wide range of wealth management solutions, research and investment seminars, Fintech solutions, and investment administration transaction services to financial advisory firms, financial institutions, banks, internet companies, as well as retail and high net worth investors in Asia. The project team was led by Claudia Teo (Partner) with Of Counsel, Huang Zhihao and Valerie Boh, and Howard Goh (Legal Associate) assisting.
For more information, please contact our Business Development Manager, Ricky Soetikno, at [email protected].