Internet firm goes public

Internet firm goes public

SINGAPORE (Dow Jones): Singapore electronic-commerce services company i-One.Net Ltd. issued 160.2 million new shares Wednesday at 38 Singapore cents (US$1=S$1.7107) in its initial public offering.

The company's offer comprises 124.5 million placement shares for institutional investors, including up to 13.2 million shares reserved for employees and business associates, and 35.6 million shares for retail investors.

i-One.Net, which provides network services for companies engaged in e-commerce, said its IPO represents 35 percent of its enlarged share capital of 462 million shares.

The offer will close June 24, and i-One.Net shares are expected to begin trading on the Stock Exchange of Singapore's main board on June 28.

The company plans to raise S$46.2 million in net proceeds.