In early April, Singapore’s UnUsUaL Limited placed out 96,990,000 shares at 20 each in conjunction with its spin-off from mm2 Asia when it was listed on the Catalist board of the Singapore Exchange. Since then it has more than doubled its IPO price delivering an 118% return on investment to shareholders in its first day trading as a public company on the Singapore Exchange (SGX).
Singaporean promoter and production company Unusual Limited, launched at the stock market, or initial public offering (IPO), was priced at S$0.20 per share and ended its first day of trading on the Singapore Exchange (SGX) at $0.435 per share. Its market capitalisation stands at S$280 million, roughly US$199m.
The company was acquired by mm2 Asia, a major film and TV, studio for S$26m last February, turning the combined operation into the largest entertainment group in Singapore, said Melvin Ang, CEO of mm2 at the time.
“We are grateful for the fantastic support we have received from our shareholders, with whom we share this milestone,” said Leslie Ong, Unusual’s CEO and executive director.
“We are very excited to welcome Unusual Limited, one of Singapore’s well-known names in events and concert production, bringing large-scale events and concerts by renowned international artists to Singapore and the wider region. Unusual’s listing will provide investors an opportunity to invest in the region’s growing entertainment and lifestyle industry, and we look forward to supporting the company as it expands its footprint in overseas markets,” said Mohamed Nasser Ismail of SGX.
Unusual Entertainment Pte Ltd’s promotion division currently tours Mandopop stars Ronghao Li, Grasshopper and Eric Moo and is active in Singapore, Malaysia, China, Hong Kong and Macau.
The number of initial public offering (IPO) listings has declined in Singapore this year, reflecting the current economic uncertainty worldwide; the slow oil markets and with China’s restructuring towards offering a more service-oriented economy.