Harry Elias Partnership LLP has acted for iFAST Corporation Ltd.
iFAST Corporation Ltd. (SGX:AIY) placed shares at S$7.50 each, determined by an accelerated book-building process, which represents a 7.4% discount to the weighted average price for trades on the full market day on 7 January 2022.
CGS-CIMB Securities (Singapore) Pte Ltd acted as placement agent and iFAST Financial Pte Ltd as sub-placement agent.
iFAST intends to utilise 100% of the placement proceeds to fund the acquisition of a UK digital bank to strengthen its current wealth management ecosystem, in line with its strategy to position itself for a highly digitised wealth management industry of the future.
iFAST is a leading Fintech wealth management platform in Asia with assets under administration of approximately S$14.45 billion. iFAST offers access to a wide range of wealth management solutions, research and investment seminars, Fintech solutions, and investment administration transaction services to financial advisory firms, financial institutions, banks, internet companies, as well as retail and high net worth investors in Asia.
The Harry Elias Partnership team was led by Claudia Teo (Picture, Partner) with Of Counsel, Huang Zhihao and Valerie Boh, and Howard Goh (Legal Associate) assisting.
Law Firms: Harry Elias Partnership LLP;
Clients: iFast Corporation;