Duane Morris & Selvam has advised Global Premium Hotels, which owns the Fragrance and Parc Sovereign hospitality brands, on its April 26 Singapore stock exchange (SGX) listing.

Shares of Global Premium Hotels traded 13.5 percent higher than their initial public offering price as the company made its market debut, reported Reuters.

One of Singapore’s largest chains of hotels, Global Premium Hotels operates 22 establishments under the Fragrance brand and one hotel under the Parc Sovereign brand. The transaction, which involved an offering of 450 million new shares at S$0.26 per share and raised about S$112.1 million of net proceeds, is part of a restructuring exercise to spin-off and separately list the hotel business of SGX-listed Fragrance Group Ltd under its subsidiary, Global Premium Hotels Ltd.

Over the past few weeks, some Singapore IPOs have fared well on their trading debut, encouraged by a firm market, Reuters added. Global Premium shares traded at S$0.29 in volume of more than 77 million shares, topping the list of the most actively traded stocks.

The Duane Morris & Selvam team was led by director Lo Kim Seng, who was assisted by associate director Jason Yang, and associates Saifuddin Fakhruddin and Urvaksh Doctor. ALB/ Reuters

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