The initial public offer (IPO) of Sanli Environmental Limited, an environmental engineering company in water and waste management, received strong investor interest for its 52 million shares priced at S$0.225 on the Catalist board of the Singapore Exchange (SGX).
SAC Capital Private Limited is the Sponsor, Issue Manager, Underwriter and Placement Agent in connection with the IPO. SAC Capital will also be Sanli’s continuing sponsor following its listing on Catalist.
Net proceeds of approximately S$9.72 million ($7.03 million) were raised from the IPO. Sanli intends to utilise the net proceeds as working capital to expand business operations through securing more projects and projects of a larger scale, expansion of business premises and investment in a business development department.
Commenting on the robust support for Sanli’s IPO, Sim Hock Heng, CEO of Sanli, said, “This is testament to investors’ faith in Sanli’s robust track record and the bright prospects of the water industry. We look forward to bringing Sanli to its next level of growth with our new status as a listed company, and we are glad to have the investing public join us in this new chapter of our growth story.”
Sanli’s IPO is anchored by Vanda 1 Investments Pte. Ltd, ICH Gemini Asia Growth Fund Pte. Ltd. and Jeremy Lee Sheng Poh. The aggregate gross proceeds raised from the anchor investors in relation to the Invitation were approximate S$5.45 million ($3.94 million).
ICH Gemini Asia Growth Fund Pte. Ltd. is a private equity fund managed by ICH Gemini, while Jeremy Lee Sheng Poh is a private investor with many years of investment experience.
Vanda 1 is managed by Heliconia Capital Management , an investment company and a wholly-owned subsidiary of Singapore’s state investment fund Temasek Holdings. Post-IPO, Vanda 1 has a shareholding of 7.97 per cent in Sanli, , an increase from its existing stake of 5.36 per cent as a pre-IPO Investor.
Derek Lau, CEO of Heliconia Capital Management, said, “In our rapidly urbanising world, water and waste management will continue to be a critical component to create a sustainable environment. Sanli plays an important role in this aspect. Given its track record in this field, we are confident that the company will continue its leadership in Singapore and beyond.”
Sanli’s post-Invitation market capitalisation is expected to be approximate S$60.4 million based on the issue price of S$0.225.