Stock News: Frontline unit to raise up to 16.1 mln sgd from India IPO

Frontline Technologies Corp Ltd said its unit Accel Frontline Ltd has launched an initial public offering of 5.64 mln shares at a price range of 75-90 rupees per share, equivalent to 2.60-3.10 sgd apiece, in the Indian stock exchanges. The IPO comprises 5.18 mln new shares and 460,283 vendor shares, representing 25.04 pct of Accel Frontline's enlarged capital. The company expects to raise about 13.4 mln-16.1 mln sgd in proceeds from the sale of new shares which Frontline executive chairman Steve Ting said will be used to expand the group's operations in the US and Middle East and to increase its workforce by 25 pct to 5,000 over the next three years. The IPO will close on Oct 5. Frontline said the shares will be listed on the National Stock Exchange of India and the Bombay Stock Exchange but did not say when.