Tee Land Limited ("Tee Land" or the "Company") is offering 115m shares at $0.54 each comprising 6m Public Offer Shares and 109m Placement Shares. The prospectus is here. The IPO will close on 4 June at 12pm and starts trading on 6 June. An over-allotment option of 23m shares have been granted to the stabilizing manager.
You have to understand that this is a "corporate carveout" or spin-out. Nothing has changed fundamentally, similar to how Fragrance Group spinning out its hotel arm, Global Premium or Capitaland spinning out CapmallAsia.
I guess the advantage to shareholders of Tee International is that it help separate the risk (property and development) from its other business and investors can now choose which piece of the business they like to invest in. To be honest, i never really know that Tee International is a property developer.
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Anyway, back to Tee Land. Tee ...
