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New Frontier Just Added New “Indications of Interest” to its Prospectus
by Kristi Marvin on 2018-06-20 at 12:41am

Upsized to $230 Million and Includes a $90 Million “Indication of Interest”

New Frontier Corp. filed an amended S-1 this morning with a few noteworthy changes.  First, the transaction size is now $230 million, up from $200 million in previous filings.  Second, and more importantly, there is now a new section titled “Indications of Interest”. The filing states:

“We have received indications of interest from Mr. Leung and Mr. Wu to purchase 900,000 units in this offering and additional indications of interest from certain other investors to purchase at least 8.1 million units.”

That’s a total of nine million units, or $90 million out of the total $230 million.  Furthermore…..

“The underwriters will not receive any underwriting discounts or commissions on up to 9 million units purchased by such parties, including Mr. Leung and Mr. Wu.”

As a reminder, Mr. Antony Leung is New Frontier’s Chairman and Carl Wu is CEO and Director.  It doesn’t state who the other interested parties are, but wow, that’s a large amount.  However, probably a little bit of bummer for the underwriters now that their fees could potentially be 30% lighter. I say “potentially” because an indication of interest is not a lock.  There is no binding commitment from any of the parties to actually purchase at IPO, they’re just saying they…”have an interest”.

One final note: I-Bankers Securities is now on the cover as co-manager so it’s looking like New Frontier is getting ready to price, so this could potentially IPO the end of next week.



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