Singapore: Courts Asia, a furniture and electronics retailer with operations in Singapore and Malaysia, raised about S$137 million (Dh409 million) in an initial public offering, two people with knowledge of the matter said.

The company sold shares at 77 cents apiece, the people said, asking not to be named as the information is private.

Courts Asia and shareholder Singapore Retail Group offered 178 million shares at 67.5 to 77 Singapore cents, according to a term sheet obtained by Bloomberg News Monday.

Courts Asia’s Chief Executive Officer Terry O’Conner is among cornerstone investors in the offering, according to a prospectus lodged with the Monetary Authority of Singapore on September 28.

The company plans to use its proceeds to expand into Indonesia, the document showed.

Singapore Retail Group, backed by Baring Private Equity Asia, tried to sell the entire company in 2011 for about S$500 million, people with knowledge of the matter said last October.

The 178 million shares sold in the IPO account for about 32 per cent of the company after the sale, according to the term sheet.

HSBC Holdings is managing the offering together with UOB Kay-Hian Holdings, a unit of United Overseas Bank.