Singer hopes to raise $200M from IPO: Reports
Singer Asia Ltd., the brand that has become synonymous with sewing machines, is hoping to earn as much as US$200 million from the initial public offering possibly in September, reports said.
Retail Holdings NV, which owns 56% of Singer, has announced in June that it's unloading its shares in the Singapore listing through the Sewko Holdings Ltd., a newly created company that is projected to manage the shares in eight publicly traded companies of Singer located in Thailand, Bangladesh, India, Sri Lanka and Pakistan.
The eight companies have a total worth of US $470 million, paced by the Bangladeshi division which recorded a 77% in revenues so far in 2013.
Singer also distributes TVs, dishwashers, air-conditioners and other appliances in Sri Lanka, Pakistan, India, Bangladesh and Thailand. It also has a financing arm which offers consumer credit and loans.
In a Bloomberg report, people close to the deal also said that HSBC Holdings is the main underwriter in the IPO.
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