Singapore: Acromec lists on SGX, 5.3x oversubscribed

Singapore-based engineering services provider Acromec has listed on SGX’s Catalist, opening Monday morning at S$0.25 ($0.18), according to a filing.

The initial public offering (IPO) was said to be 5.3 times oversubscribed, according to a report on HealthInvestor Asia. The company had secured $4.4 million from selling 27 million new shares at S$0.22 each, and a market capitalisation of around S$26.5 million after its listing.

The company, which was established in 1996, specialises in designing and creating laboratories, medical and sterile facilities and cleanrooms in Singapore. Its clients include Singapore General Hospital, Agency for Science, Technology and Research (A*STAR), National University of Singapore, Procter & Gamble and Johnson Matthey Singapore.

Lim Say Chin, the executive chairman and managing director of Acromec, said, “With two decades of experience in the provision of integrated specialist engineering solutions within controlled environments, Acromec has built up an established track record in Singapore.”

Chin, who founded the company with Chew Chee Keong and Goi Chew Leng, added, “Our listing on the Catalist is timely, planned at a time when we are forging ahead with strategies to scale up our operations in Singapore and also expand our horizons into the emerging ASEAN region.”

Leng said in a prior interaction with the Straits Times that it is time for Acromec to raise its profile to clinch more business deals that would have been otherwise missed.

The company made around S$35 million in revenue in its Financial year ending 30 September, and has around S$40.03 million in its order book as of 8 March 2016, according to its prospectus.

It intends to distribute dividends of at least 20 per cent of net profits attributable to shareholders for FY 2016 and FY 2017.

Mohamed Nasser Ismail, head of equity capital market and capital market development at SGX, said that Acromec is the first company to have benefited from SGX’s collaboration with SPRING Singapore, a government agency under Singapore’s Ministry of Trade and Industry, to assist small and medium enterprises in managing financial capabilities.

The SGX executive further added, “We will continue supporting the company on its growth plans.”

Proceeds from the IPO will go toward working capital expenses for business expansion plans and potential mergers and acquisitions.

The listing will bring the total number of companies on Catalist to 178, with a combined market capitalisation of S$9 billion.

Also Read:

Mining firm Anchor Resources starts trading on SGX Catalist

Singapore: Secura Group lists on Catalist, 2.2x oversubscribed

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.