Singapore’s Banyan Tree launches IPO

SINGAPORE, May 26, 2006 (AFP) - Singapore-based luxury resort and spa chain the Banyan Tree on Friday launched an initial public offering (IPO) worth up to 407 million Singapore dollars (259 million US). The resort and spa chain is issuing some 380 million shares at a maximum price of 1.07 dollars each and will make its trading debut on the local exchange on June 14.

Banyan Tree did not indicate the minimum share price for the IPO.

It said the IPO is expected to raise net proceeds of 104 million dollars which will be used mainly to expand the company's resort business.

The company currently has 18 resorts and hotels as well as 49 spas in its stable.

According to the prospectus, Banyan Tree had revenues of 186.
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9 million dollars in 2005 and made a net profit of one million dollars. The Banyan Tree chain is famous for its Asian garden-themed spas and resort villas with their own pools, a successful formula that has inspired several rival outfits.