SINGAPORE (Apr 19): SLB Development, the property developer which was spun off from construction company Lian Beng, said the public tranche of its IPO was 20.6 times subscribed.

At the close of application at 12 noon on Wednesday, 2,216 valid applications for 164.8 million offer shares were received for the 8 million offer shares available to the public for subscription at 23 cents each.

In addition, all of the 230 million placement shares available for subscription by way of placement were validly subscribed, with application monies received amounting to a total value of $52.9 million.

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