Courts Asia prices Singapore IPO at top to raise $111 million

Courts Asia, a home electronics and furniture retailer in Singapore and Malaysia, has raised S$137.1 million $111 million from its initial public offering after fixing the price at the top of the range. The company will start trading on the Singapore Exchange on October 15.

Contrary to many of the deals in the Hong Kong IPO pipeline that are struggling to gain traction in the market, Courts Asia was well received as investors liked its well-known brand and exposure to the growing consumer retail market in Southeast Asia. One source said the deal was multiple times covered with virtually no price sensitivity. About 50 institutional investors came into transaction, including...