China Essence Group has debuted today (13 January) on the Singapore Exchange.
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The company, an integrated potato-processing producer, is principally engaged in the processing of potato and the production, supply and sale of potato starch and potato starch-based products, including modified starch, vermicelli, starch strips and five-grain noodles.
The company said that the initial public offering of 96m shares sold at SGD0.45 (US$0.276) was five times oversubscribed. Some 93m shared were placed and the remaining 3m were sold to the public.
Proceeds from the offering of 48m new shares will be invested in the company’s production facilities, boosting output capacity.
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