Retailer Courts Asia launches Singapore IPO to raise $112 mln

SINGAPORE, Oct 8 (Reuters) - Electronics and furnitureretailer Courts Asia Ltd, which operates stores in Singapore andMalaysia, launched an initial public offering in Singapore toraise S$137 million ($112 million) mainly to fund its expansionin Indonesia.

The listing comes after the company, a household name inSingapore, failed to list its shares in 2010 while a plan tosell the firm was also scuppered.

Courts is offering 178 million shares, of which 60 millionare new shares. The offer price of S$0.77 per share is at thetop end of an indicative price range due to strong support frominstitutions, the company said in a statement on Monday.

It plans to list on Oct. 15.

Courts plans to use 91.3 percent of the net proceeds to tapthe growing middle class in Indonesia, which it said is a largeand fast-growing market that is still under-penetrated.

Courts has four cornerstone investors - JF Asset ManagementLtd, New Silk Road Investment Pte Ltd, Target Asset ManagementPte Ltd and Value Partners Hong Kong Ltd - which have taken up44 percent of the IPO.

The Hongkong and Shanghai Banking Corp Ltd is the soleglobal coordinator, bookrunner, underwriter and issue manager ofthe IPO. UOB Kay Hian Private Ltd is the public offercoordinator and sub-placement agent.

($1 = 1.2268 Singapore dollars)

(Reporting by Eveline Danubrata; Editing by Matt Driskill)

((eveline.danubrata@thomsonreuters.com)(+65 6403 5669)(ReutersMessaging: eveline.danubrata.reuters.com@reuters.net))