DeClout IPO fully placed out

Proceeds will be used to launch the Games Cloud.

DeClout Limited announced that at the close of applications at 12:00 noon on 22 October 2012, all 31 million new shares in connection with the Initial Public Offering have been validly subscribed for and application monies received amounted to S$7.75 million.

DeClout’s shares were set to commence trading on 24 October 2012.

The company plans to use S$3.6 million or 46.5% of the gross proceeds of S$7.75 million from the IPO to drive the full launch of its first Vertical Domain Clouds – the games cloud.

The VDC will comprise a unified payment infrastructure and a gamers community portal on a vertically integrated neutral platform for game developers, publishers and gamers.

Another S$1.5 million has been earmarked for the Group’s IT infrastructure services division.