TEE Land files preliminary IPO prospectus

Needs to raise at least $20m.

OCBC Research reports that TEE International’s real estate unit TEE Land lodged its preliminary IPO prospectus with the Monetary Authority of Singapore, but still needs tol meet several conditions to complete its listing.

This includes having to raise at least $20m from its IPO at an issue price of $0.50 or more per share, and having a market cap of $150m or more at the time of the IPO.

OCBC further notes that the property portfolio injected into TEE Land by its parent comprises 24 projects is worth $394.6m as at 30 Nov 2012. Four pre-IPO investors have collectively subscribed for 4m shares in TEE Land for $4m. TEE’s managing director of real estate will lead TEE Land as CEO.