Singer Owner Said to Seek Up to $200 Million in Singapore IPOJoyce Koh and Fox Hu
Retail Holdings NV plans to seek as much as $200 million from an initial public offering of Singer Asia Ltd., the seller of sewing machines and other appliances, said three people with knowledge of the matter.
The IPO may take place as early as in September, the people said, asking not to be identified as the process is private. Retail Holdings, which owns 56 percent of Singer Asia, said last month it is considering selling shares in the company in a Singapore listing.
While the Singer brand is synonymous with sewing machines, the company also sells dishwashers, televisions, and air conditioners in Bangladesh, India, Pakistan, Sri Lanka and Thailand. Singer Asia also provides consumer credit and other financial services, and about half of its 2012 sales were on credit, according to its website.
Retail Holdings is seeking to list Singer Asia via a newly formed company called Sewko Holdings Ltd., which would hold shares in the eight publicly traded companies of Singer Asia, according to the June statement.
The companies, listed in Thailand, India, Bangladesh, Pakistan and Sri Lanka, have a combined market capitalization of about $470 million. The Bangladeshi unit has surged 77 percent this year, the biggest gainer among the group.
Amy Pappas, a spokeswoman for Retail Holdings, wasn’t available to comment on the size of the IPO outside of normal business hours. HSBC Holdings Plc is the sole bookrunner for the IPO, the people said.