Tee Land Limited

Tee Land Limited

Download the Prospectus here


Offer Price: $0.54
Offer Size: 115m new shares
Public Tranche – 6m shares
Placement Tranche – 109m shares
NAV per share (post-IPO): S$0.3149
Historical PE: 136.7x (FY12)
Market Cap (post-IPO): S$241.3m
Open: 30 May 2013
Close: 4 June 2013 12pm
Trading: 6 June 2013 9.00 a.m. (on “ready” basis)

Introduction
Tee Land Limited (“TEE Land” or the “Group”) are a property developer with an established track record in delivering quality and well-designed residential property developments in Singapore. Its property development projects are pre-dominantly freehold in tenure and are targeted at middle-to-high income consumers who value exclusivity in good locations. Whilst the group continue to specialize in residential property developments, they are expanding into commercial and industrial property development projects. Leveraging on their experience and expertise in property development in Singapore, they have also extended our geographical reach to Malaysia, Thailand and Vietnam.









Financial Highlight


 Use of IPO Proceed




Dilution



 
 

Do take note that the pre-IPO big shot investors like Mr Tommie Goh and Mr Koh are only getting the shares at a cost of 25cts and the IPO investor will be getting the shares at 54cts. That means that we are paying more than 100% premium more than the big-shot. I don't like this type of treatment and they are almost sure-win and risk-free while the new investor are bearing the high price.

My Personal View

Frankly, I am not really a property stock investor, as I like the physical property more. This TEE Land IPO is enjoying quite a high premium at a not so optimal time. I will still punt and try my luck on the public application, but I will definitely seek to sell on the first day, and even within the first 10 minutes if there is money to be made.
I will just keep my personal view short for this IPO.