Capital Markets

Our highly rated team is attuned to market developments, has strength in depth, and a long track record in successfully handling major IPOs, listings & bond issues and secondary fundraisings, domestically, regionally and internationally.

Our Capital Markets Practice offers a comprehensive range of services for transactions involving equity, debt and hybrid instruments. Many of the transactions we are involved in, are cross-border in nature and we are able to advise on transactions involving multiple jurisdictions in Asia, where Rajah & Tann Asia has offices.

Practice areas
IPOs and Listings

We advise issuers, issue managers, underwriters, and originators on initial public offerings and listings of companies (including by way of reverse takeovers as well as dual listings), real estate investment trusts and business trusts on the Mainboard and Catalist of the SGX-ST and other recognized exchanges such as the stock exchanges of Hong Kong and Korea and NASDAQ. The companies we have listed traverse many industries ranging from energy and resources, healthcare, lifestyle, real estate to high-end manufacturing. We also have a strong track record of listing foreign issuers including from jurisdictions such as China, Japan, India, Indonesia, Taiwan and Australia.

Recent IPOs and listings on the Mainboard of the SGX-ST we advised on include that of Japfa Ltd (the first Singapore listed industrialised agri-food company focused on protein foods with an IPO market capitalisation of S$1.382 billion), Religare Health Trust (the first Singapore listed business trust comprising healthcare assets in India and the largest IPO in Singapore involving Indian assets with an IPO market capitalisation of S$709.3 million), Accordia Golf Trust (Singapore’s first listed business trust with golf course assets in Japan with an IPO market capitalisation of about S$1.1 billion), and China Minzhong Food Corporation Limited, one of the largest S-Chip IPO since the sub-prime crisis in 2008 with an IPO market capitalisation of about S$645 million. We also advised on the secondary listing of Tosei Corporation (a Japanese company with diversified real estate business) and Malaysia Smelting Corporation Berhad (one of the world’s leading integrated producers of refined tin metal) on the Mainboard of the SGX-ST and the IPOs and listings on the SGX Catalist of EuroSports Global Limited (which is in the business of distribution of ultra-luxury and luxury automobiles and provision of after-sales services) and AsiaPhos Limited (the first mineral resources company listed on the SGX-ST which is solely focused on exploring and mining phosphate in the PRC with the ability to manufacture and produce phosphate-based chemical products).

Other Corporate Finance Matters

We also advise listed clients and investors on a broad range of transactions, including:

  • Placements, rights issues, bonus issues and other secondary issues
  • Issues of bonds, notes, warrants, depository receipts, redeemable preference shares and convertible loan stocks
  • Continuing listing requirements, corporate disclosure and corporate governance
  • Capital and corporate restructuring
  • Employee share schemes

Recent corporate finance transactions we have advised on include the S$675.6 million rights issue by Gallant Venture Ltd in connection with its takeover of PT Indomobil Sukses Internasional Tbk (with a deal value of S$1.6 billion), the S$490 million rights issue by United Engineers Limited for the purpose of funding its competing general offer for WBL Corporation Limited (which valued WBL at S$1.25 billion) and the establishment of GuocoLand Limited’s S$3 billion multicurrency medium term note and perpetual securities programme and Gallant Venture Ltd’s US$500 million Euro medium term note programme.

Continuing Sponsor

Our wholly-owned subsidiary, R&T Corporate Services Pte Ltd, is amongst the first batch of Singapore Exchange Catalist continuing sponsors for Catalist companies on the SGX-ST.