SkyWorld Development Opens Unchanged At RM0.80 Per Share
SkyWorld Development Bhd enters the Main Market with an offering of RM0.80 per ordinary share. As of 11.27am, the price is down at RM0.775.
The IPO states a public issuance of 208 million new shares while the offer of sales constitutes 192 million existing shares. The developer company has raised a total of RM320,000 million.
Out of it, RM100 million of the proceeds will be used to acquire land for development, RM35.2 million for working capital for project development, RM20 million for repayment of bank borrowings and RM11.2 million on listing expenses.
Based on revenue segmentation, residential and commercial developments constitute RM372.2 million or 62.66% of total revenue, while affordable developments make up RM242.44 million or 37.26%.
As of financial year ended 2022, a snapshot of SkyWorld Development’s financial position was as such:
Total assets: RM1,364.60 million,
Total equity: RM465.06 million
Total liabilities: RM899.54 million
Cash and cash equivalents: RM280.47 million
Net gearing ratio = 0.36x
Current ratio = 1.33x
The organisation possesses a land bank of approximately 55.66 acres, and to-date has completed 7 developments with a total gross development value of RM3.05 billion. Out of the total land bank mentioned, 37.17 acres has been set aside for 10 planned developments with an estimated gross development value of RM4.08 billion between the second half of 2023-2026.