“CHRISTIAN” IPO, ALOECASSIA
The Straits Times, 20th July 2004
Singapore’s first Christian-themed initial public offering (IPO), Aloecassia, was looking to raise $31million to purchase the 45-unit Aloecassia Apartments in Bukit Timah. The IPO was reviewed by the Monetary Authority of Singapore (MAS), with the MAS citing a ‘lack of disclosure’ from the IPO.
Aloecassia’s prospectus was previously approved by MAS in March 2004, which is a necessary step before an IPO can be launched. The Aloecassia IPO was considered somewhat unusual as the shares would not have been traded under the stock exchange, an option open under corporate laws.
Using the MAS approved prospectus, monies were raised. However, Aloecassia eventually called off the exercise (for confidential reasons) and stated that it would return all funds already lodged by the investors.