Singapore IPO well received

Guangzhou Investment Co has received positive response to its initial public offering for a secondary listing in Singapore.

The company received applications for 7.6 million shares from the Singapore public, representing an oversubscription of 1.12 times when the offer of 6.8 million shares closed on Monday.

It will issue an additional 802,000 shares to meet the excess demand, increasing the number of new shares to 62 million from 61.2 million.