China's Cacola Furniture Launches Singapore IPO

Cacola Furniture International Ltd, a furniture maker based in China, said Tuesday it has launched an initial public offering in Singapore of 119 million new and vendor shares priced at 32 cents each.

The IPO comprises 90 million shares and 29 million vendor shares.

Of the shares, 114.5 million will be sold to institutional investors and 4.5 million shares will be sold to retail investors.

The IPO closes on November 5 with trading expected to begin on November 7.

Net proceeds from the IPO of 24.45 million dollars will be used to expand the group's production facilities and distribution network, as well as for working capital.

Cacola posted a net profit of 33.8 million yuan in the first quarter of this year, compared to 23.7 million a year ago.