Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
Definitions and Interpretation
Chapter 1 Introduction
Chapter 2 Sponsors
Chapter 3 Disciplinary and Appeals Procedures, and Enforcement Powers of the Exchange
Chapter 4 Equity Securities
Chapter 5 Reserved
Chapter 6 Reserved
Chapter 7 Continuing Obligations
Chapter 8 Changes in Capital
Chapter 9 Interested Person Transactions
Chapter 10 Acquisitions and Realisations
Chapter 11 Takeovers
Chapter 12 Circulars, Annual Reports and Electronic Communications
Chapter 13 Trading Halt, Suspension and Delisting
Chapter 14 Transition Rules
Appendices
Appendix 4F Steps in the Initial Public Offering / Very Substantial Acquisition / Reverse Takeover Process
Practice Notes
Code of Corporate Governance 2012
SGX-ST Rules
CDP Clearing Rules
DVP Rules
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Rule Amendments

  Versions
(2 versions)
 
Up to Oct 6 2015Oct 7 2015 onwards

Appendix 4F Steps in the Initial Public Offering / Very Substantial Acquisition / Reverse Takeover Process

Cross-referenced from Rules 431 and 1015(5)

The steps in the initial public offering/very substantial acquisition/reverse takeover process and the documents to be lodged with, or submitted by the sponsor to, the Exchange are as follows.

Part I Initial Public Offering

The usual timeline for an initial public offering is indicated in the far right column. In a particular case, the Exchange may change the timeline. Requirements for lodgement of documents are set out in Practice Note 4B.

Steps Activity Usual Timeline
Pre-admission Sponsor submits to the Exchange (Listings Department):
1. The pre-admission notification as described in Appendix 4A.
2. The requisite listing fee.
Registration day minus 29 calendar days
Lodgement of preliminary offer document
1. Sponsor lodges on behalf of the issuer, the preliminary offer document with the Exchange (Catalist Regulation) for posting on the SGX website, www.sgxcatalist.com. The preliminary offer document will be exposed for public comment for a minimum period of 14 calendar days, unless extended by the Exchange. The period cannot be shortened.
2. Sponsor submits Part I of the listing confirmation in Appendix 4B, the undertaking by the issuer not to make an exempt offer (Rule 406(11)) and the required written consents (Rule 406(12)).
3. The sponsor may, on behalf of the issuer, lodge an amendment to the offer document under section 240(9A) of the SFA with the Exchange acting as agent of the Authority. The public comment period may commence again at the Exchange's discretion.
Registration day minus 15 calendar days
Registration of offer document
1. Sponsor submits to the Exchange (Catalist Regulation) Part II of the listing confirmation in Appendix 4B, the required written consents (Rule 406(12)), the undertakings from each of the issuer's directors and executive officers in Appendix 7H and the Applicant's Listing Agreement in Appendix 4E, with requisite attachments.
2. The Exchange issues a registration notice and posts the marked-up and clean copies of the offer document on the SGX website, www.sgxcatalist.com.
3. This must be at least 4 market days before trading begins.
4. If, after registration, a replacement or supplementary offer document is required, the replacement or supplementary offer document must be lodged with the Exchange (Catalist Regulation) and the offer must be kept open for at least 14 days.
Registration day
Offer
1. The applicant invites applications to subscribe for or purchase the securities.
2. The offer must be kept open for at least 2 market days.
3. After the offer closes, the applicant announces the outcome of the offer, and where appropriate, the level of subscription and the basis of allocation and allotment, and the subscription rate reflecting the true level of demand for the offer. In computing the subscription rate, subscriptions by connected persons and the persons mentioned in Rule 428 must be excluded.
Offer period
Confirmation of allotment Sponsor submits to the Exchange (Catalist Regulation):
1. The information in Part III of the listing confirmation in Appendix 4B.
2. A list of the directors and substantial shareholders and their respective shareholdings.
Trading day minus 1 market day
Listing Trading begins Trading day

Part II Very Substantial Acquisition/Reverse Takeover

Steps Activity
Pre-admission
1. Sponsor submits to the Exchange (Listings Department) the pre-admission notification as described in Appendix 4A at least 14 calendar days before lodgement of the shareholder's circular and requisite listings fee.
2. Sponsor submits to the Exchange (Catalist Regulation) a draft shareholder's circular.
Lodgement of shareholder's circular
1. Sponsor lodges shareholder's circular with the Exchange (Catalist Regulation) for posting on the SGX website at least 14 calendar days before the shareholder's meeting. Sponsor submits Part I of the listing confirmation in Appendix 10A. The shareholder's circular will be exposed for public comment for a minimum period of 14 calendar days, unless extended by the Exchange. The period cannot be shortened.
2. Sponsor submits to the Exchange (Catalist Regulation) Part II of the listing confirmation in Appendix 10A (where applicable), and Appendix 4E, with requisite attachments.
3. If there is a change in the sponsor for the enlarged group, sponsor submits Appendix 2C.
Issue of listing and quotation notice The Exchange issues a listing and quotation notice (where applicable) upon the lodgement of the shareholder's circular.
Confirmation of allotment Sponsor submits to the Exchange (Catalist Regulation) the information in Part III of the listing confirmation in Appendix 10A (where applicable).
Listing and quotation Listing and quotation of the enlarged group (where applicable).

Amended on 7 October 2015.