Soilbuild Construction Group launches IPO
POSTED: 17 May 2013 11:21 PM
Soilbuild Construction Group launches initial public offering (IPO), comprising 168 million new shares priced at S$0.25 per share.
SINGAPORE: Soilbuild Construction Group has launched an initial public offering (IPO) for a mainboard listing on the Singapore Exchange.
The IPO, comprising 168 million new shares priced at S$0.25 per share, is expected to raise gross proceeds of S$42 million for the general construction company.
Soilbuild Construction Group is the construction arm of property developer Soilbuild Group Holdings which was delisted from the Singapore Exchange in 2010.
According to its prospectus, construction projects awarded by its controlling shareholder group accounted for 58.4% of its revenue in its 2012 fiscal year.
It reported revenue of S$213.5 million and net profit of S$22.0 million in FY2012.
As at 30 April 2013, the firm's order books amounted to S$511.2 million.
The company is the main contractor in projects such as the Solaris, Montebleu and West Park BizCentral.
It intends to continue to compete in future tenders from the Housing and Development Board for public housing construction projects as well as seek opportunities in the business space sector.
Also in the pipeline are plans to grow its overseas business, including new markets like Myanmar.
The firm's shares are expected to start trading on 27 May.
- CNA/al
- wong chee tat :)
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