Soon Hock Enterprise Launches 481 Mil Mainboard Offering 58 Cents Apiece
Soon Hock Enterprise Holding, an industrial real estate developer, is planning to go public on the Singapore Exchange’s (SGX) Mainboard by selling $48.1 million worth of shares.The company will be offering a total of 83 million shares at a price of 58 cents each, with 18.8 million being placement shares and 2.8 million for the public. Executive chairman Tan Yeow Khoon will also be selling 16.6 million of his own shares at the same price.Along with these sales, Soon Hock has reached agreements with several cornerstone investors, including Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities, UOB Kay Hian, and five private investors, Deepak Lakhi Ramchandani, Gay Soon Watt, Ong Soon Liong, Toh Leong San Jack, and Von Lee Yong Miang.Read also: Soon Hock Enterprise Holding files preliminary prospectus with MAS for upcoming IPOTotaling $35.6 million, these investors will be acquiring 61.4 million new shares. Overall, the company is expected to raise about $34.6 million in proceeds from its IPO.According to Soon Hock, the funds will be used to purchase new land sites and buildings for development and redevelopment. They will also be used to support the costs of ongoing property development and redevelopment projects, such as the Stellar@Tampines and Skye@Tuas projects. TOP for these developments is anticipated in the first quarter of 2026 and 2027, respectively.After the IPO, Soon Hock will have 310.6 million shares and a market capitalization of $180.1 million. The company has plans to distribute dividends of at least 25% of its net profit after tax following its listing on the SGX.“With over $1 billion in gross development value for industrial projects under our belt, our group is well-positioned to leverage the strength of Singapore as a leading economic hub in the region. This has led to strong demand for modern, high-specification industrial properties,” says CEO and executive director Tan Min Loon.“We believe that demand for factories, warehouses, and worker dormitories will continue to grow thanks to ongoing infrastructure projects such as the Tuas Mega Port. Singapore’s strategic location as a logistics hub further supports this growth,” he adds.Investors can participate in the IPO by submitting their applications by 12pm on Oct 14. The company’s shares are expected to begin trading on a “ready” basis at 9am on Oct 16.
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