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Singapore’s property-technology firm, Simpple, saw its shares surge 9% to $5.11 on Friday, following the closure of its initial public offering (IPO) earlier this week. The company’s stocks began trading on Wednesday under the ticker symbol SPPL.
The IPO brought in proceeds of $8.4 million for Simpple from the sale of 1.6 million shares, a figure that excludes underwriting discounts and related expenses. The company has also offered underwriters a 45-day option to purchase up to an additional 240,300 shares at the public offering price, after accounting for underwriting discounts.
The successful IPO and subsequent rise in Simpple’s share prices underscore the potential of property-technology companies in Singapore’s burgeoning tech sector.
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