World Class Global, a real estate company that undertakes property development and property investment in major cities in Australia and Malaysia, says it has received strong interest from both retail and institutional investors for its IPO. At the close of the invitation at noon on June 13, 3,052 valid applications for 138 million shares had been received for the four million shares on public offer.

Based on the total invitational shares of 136 million and the total valid applications received amounting to 280 million shares comprising valid applications received for offer shares, 132 million placement shares and over-allotment of 10 million shares, the IPO was 2.1 times subscribed.

World Class Global intends to use the net proceeds of $21.9 million mainly for the acquisition of properties and construction and other related costs in connection with the development properties, as well as working capital for the group.

Source: World Class Global

Australia 108, set to be the tallest building in Melbourne at a height of 319 metres, is one of the projects in World Class Global's portfolio

The net proceeds will increase by $2.7 million if the over-allotment option is exercised by the underwriter and placement agent during the option period. World Class Global’s post-IPO market capitalisation will be around $235.5 million, based on the issue price of 26 cents, assuming the over-allotment option is not exercised. The listing and trading of World Class Global shares started on June 15.