Offer attracts total applications amounting to more than SGD 1.8 billion; to cater to strong retail demand, DBS increases offer size from original SGD 500m to SGD 800m
SINGAPORE, 18 November 2010 - DBS Bank announced today that its offer of SGD 500 million in aggregate liquidation preference of 4.70% non-cumulative, non-convertible and non-voting preference shares has closed. The offer attracted strong interest and was more than 3.5 times subscribed.
As at the close of the offer at noon today, total applications amounting to more than SGD 1.8 billion had been received. Of this, retail subscriptions via ATMs and Internet banking alone amounted to more than SGD 1.4 billion, while the placement and reserve tranches meant for institutional investors and employees of DBS saw total demand of more than SGD 400 million.
To accommodate the strong retail demand from the Singapore public, the bank exercised its upsize option in full, to increase the total size of the preference share offer from SGD 500 million to SGD 800 million. DBS has allocated the bulk of this, or SGD 550 million, to meet retail demand. The remaining SGD 250 million has been allocated to the placement and reserve tranches.